The euro depreciated vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.4645 level and was capped around the $1.4740 level. Technically, today’s intraday low was right above the 50% retracement of the move from $1.4965 to $1.4310. Traders continue to ponder the likelihood of the U.S. entering a recession, and whether or not the FOMC will enact an intermitting reduction in the federal funds target rate before 30 January. There is market chatter that the Bush administration is considering fiscal stimulus including tax breaks and rebates to help the economy. Fed Chairman Bernanke speaks tomorrow. Outgoing St. Louis Fed President Poole today warned recession chances have grown. In eurozone news, German November industrial production was off 0.9% m/m and up 3.5% y/y. Also, EMU-13 Q3 GDP grew a revised 0.8% q/q, up from the earlier 0.7% estimate. Euro bids are cited around the US$ 1.4465 level.