The Euro Rebounded Nicely Against A Soft Dollar

The Euro rebounded nicely against a soft Dollar during overnight trading, consolidating at the 1.3150/60 area, and got a boost from an 8% reserve diversification announcement by the United Arab Emirates. Euro longs saw opportunities at the 1.3100 level, establishing new positions following the Yen and Sterling’s lead. News reports from Japan that rates are likely to be slowly increased during the first three quarters of 2007 to .5% caused the Dollar to skid against the majors. Read More....