From the “just a matter of time dept.”, the Euro reached 1.50 today against the dollar. The trend is clearly up for this pair, as US dollar weakness is no big secret. However, for as much complaining as you hear around the world regarding the weak dollar, the Euro-zone is perhaps that area that is the MOST adversely affected by it. (click chart to enlarge)
A note out of UBS today stated that, “If euro-dollar continues to gain in a volatile manner ahead of the November Group of 20, action at that meeting can be expected”. That action could be a concerted effort to weaken the EUR/USD.
So keep I’ll be keeping an eye on this pair to look for clues that would indicate that a reversal may be imminent. But for now, US dollar weakness rules “supreme”!
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