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Forex Report, October 29 2007 |
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Well, we closed out last week with some staggering results on the EUR/USD, hitting an all-time high of 1.4395 briefly on Friday afternoon before just barely trickling down a few pips to close the week. The Aussie dollar and the British Pound were also very strong against the dollar hitting .9188 and 2.0538 respectively.
The data out of the US last week coupled with continued fears that the slowdown in the housing market will run through next year has strengthened the case the the Fed will drop interest rates yet again next week. If we continue to have a run of poor reports and the Fed makes some particularly dovish statements, 1.45 is almost a certainty for the EUR/USD.
Happy Trading!!!
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Forex Report