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After trading sideways-to-lower most of the week, the EUR USD finished the week with a strong gain on Friday. The market appeared to be trading in a holding pattern throughout the week, but finally erupted after the Obama administration announced its nominee for Treasury Secretary. This news triggered a rally in stocks which fueled a late session short-covering rally in the Euro. A rally through 1.3116 could trigger more short-covering next week. Fundamentally, the Euro remains weak because of the recession in the Euro Zone and because of expectations of more aggressive interest rate cuts. This market is getting support, however, because the Fed projected U.S. economic weakness into mid-2009 at its last FOMC meeting, according to the minutes released earlier in the week.
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