FX Closing Comments

FX trade was uneventful today and the Dollar index closed unchanged. Major pairs were also flat on the day. The major number tomorrow is the German IFO index, which many are anticipating to fall, on the back of drops in the Belgian business sentiment and the French Insee. A soft Ifo tomorrow, might hinder any run-up in Euro pairs. Also of note were relatively hawkish comments by Fed chairman Bernanke. Given the relatively strong position of the Euro, many are now discounting the likelihood of a .50 rise in rates next month.