A Good Week

It was really nice to ride the rally in the Euro yesterday.  We were able to post another daily profit as the EUR/USD pushed to 1.3273.  The pair challenged at the London open, but quickly consolidated to support at the 1.3220 area.  Most technicians see further strength in the Euro as the whispers about a recession in the US are becoming louder.

US ISM manufacturing data comes this morning.  The consensus is for a modest gain m-o-m.  The reading for last month was the lowest since June, 2003. My guess is that it will take more than a modest increase to pull the USD out of its doldrums.  Watch for this number to move the market. A negative surprise is not out of the question.