EUR/USD (1.4644)

European & US sessions forecast levels: 1.4545/1.4695

Trend Sessions: European – Neutral/Upward

US – Neutral

Market Focus: 8:30 AM Export Prices ex-ag., Import Prices ex-oil, NY Empire State Index, 9:00 AM Net Foreign Purchases, 9:15 AM Capacity Utilization, Industrial Production, 10:00 AM Michigan Sentiment-Prel, 2:45 AM French Non-farm Employment, 5:00 AM EU Trade Balance, 9:15 AM ECB President Trichet Speaks.

Daily Strategy: After the Ben Bernanke speaks the dollar low against the euro. Bernanke signal for new interest rates cut further. In spite the very good data for US Trade Balance the dollar not succeed to hold the small gains and lose ahead and during the Bernanke speaks. For today the dollar will remain under pressure against the euro. Bernanke and Fed will cut the US interest rates with another 50 bps that probably will be the last interest rates reduction.