Euro Prepares for Another Run at $1.40
Recently, the euro managed to top the $1.40 level in forex trading on the currency market. However, since then, the euro has pulled back. Concerns about sovereign debt in the euro zone, along with the fact that many considered the euro overbought, sent the euro lower.
Now, though, it appears that the euro is gearing up for another run at the $1.40 level. With the U.S. dollar weakening across the board in currency trading, thanks to quantitative easing expectations, many currencies are moving higher against the greenback.
Indeed, the sterling is moving higher in spite of its own recent economic data, and the Aussie is getting another boost as well, with speculation that parity may be coming.
With U.S. dollar weakness and quantitative easing the main focus for the currency market, it is little surprise that the greenback is weakening.
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