The euro gained ground vis-Ã -vis the U.S. dollar today as the single currency tested offers around the US$ 1.4710 level and was supported around the $1.4620 level. Technically, todayâ€™s intraday low was just below the 76.4% retracement of the move from $1.4520 to $1.4965. Eurozone finance ministers are meeting tonight to discuss recent strong inflation data in the eurozone and the euroâ€™s value vis-Ã -vis the yuan. Data released in the eurozone today saw the EMU-13 manufacturing PMI survey improve to 52.8 in November from 52.6 in October. Also, the EMU-13 unemployment rate ticked lower to 7.2% from 7.3%. ECB member Gonzalez-Paramo reported there is a lack of confidence in eurozone money markets. The U.S. dollar may be supported for the next couple of weeks as year-end window-dressing of balance sheets take places and U.S. dollar proceeds are repatriated to U.S. parent companies ahead of the end of the year. In U.S. news, the November ISM manufacturing survey fell to 50.8 from 50.9 in November. Boston Fed President Rosengren sees mortgage foreclosures worsening before they improve. Traders are paying close attention to remarks from U.S. Treasury Secretary Paulson today about plans to bolster the U.S. sub-prime mortgage market. Traders are also paying very close attention to a meeting of the six-nation Gulf Cooperation Council today and tomorrow to determine if the petrodollar-rich area will de-peg from the U.S. dollar. Euro bids are cited around the US$ 1.4605 level.
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