Forex Daily Analysis November 24, 2009

The EUR/USD had a nice rally overnight during the European session. US Equities are supporting this move higher and are up over 100 points as of now, 1pm EST. Fundamentally, the USD is weak. There are only several things that can help the buck at this time. One of those things is a geopolitical event that pushes risk into the forefront and brings the carry trade (the USD) back to the States. The second is a double dip recession that will cause investors to second guess the world wide economic recovery. Both of the mentioned events may happen eventually, but are not on our daily calendar as of now. We see an opportunity the dollar to extend its losses this week.

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[sumonahsan]

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