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The EUR/USD has taken advantage of its relative strength on Friday stemming from ECB President Trichet's hawkish comments. The currency pair has since jumped back up to its highly psychological 1.50 level after of a wave of Flash PMI data that was altogether positive. Therefore, it seems the recovery in the EU's services and manufacturing industries is continuing at a steady pace. In addition to good news from the EU, U.S. Existing Home Sales just printed 400k hotter than expected(6.10m vs. 5.71m). The S&P futures are reacting positively by pushing previous 2009 highs while crude heads north for a retest of $80/bbl. Meanwhile, the Dollar is experiencing a broad-based weakness and gold has shot up to $1170/oz in reaction to continual dovish statements from Fed board members. The concept of loose monetary policy at the Fed well into 2010 is countering any strength built up over last week's stream of disappointing economic data. As a result, correlative pressures and psychological forces are working in the EUR/USD's favor, allowing the currency pair to climb back towards previous November and October highs.
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