Continued Weakness In The USD

We were able to catch a small profit yesterday as the Euro pushed ahead. The move was fueled by statements from former Fed Chairman Alan Greenspan who confirmed the weakness in the US dollar. The word that some European and Asian principals have reduced their holdings of US dollars. As for today, all eyes will be on the announcement from the FOMC regarding interest rates. Although the consensus is for no change in rates, the language of the statement seems to always have an impact on the market. We currently see the EUR/USD pair leaning toward the bearish side, but most traders are still looking for the rally to resume. We will too, and watch for another break above resistance at 1.3296.