Daily Forex Commentary for May 29, 2009

May 29th, 2009 • Related • Filed Under




May 29, 2009

Euro and British Pound Approach Key Retracement Prices

A strong fundamental report drove the EUR USD higher on Thursday. Following three days of lower-lows, the Euro came back with a vengeance as the European Commission’s gauge of economic sentiment posted stronger-than-expected results.

Shorts covered following the news as it somewhat diminished Wednesday’s comments from a European Central Bank member calling for the possibility of an interest rate cut to below 1%. Shorts were pricing in a rate cut on expectations of a worsening Euro Zone economy. Although today’s …
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