The euro moved lower vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.4260 level and was capped around the $1.4410 level. The common currency continues to unwind on credit-related concerns stemming from Greece's massive fiscal deficit and the continued improvement in U.S. economic performance. The U.S. dollar has rallied recently on positive news, a shift from its recent underperformance on improving U.S. economic fundamentals. The Federal Open Market Committee this week voted to keep interest rates unchanged and acknowledged improvements in the U.S. labour market. The Fed also reported that it will continue to unwind its emergency spending programs in 2010. Fed funds futures are currently pricing in monetary tightening by June 2010. The FOMC's next interest rate decision is scheduled for 27 January. Data to be released in the U.S. next week include the Chicago Fed's national activity index, Q3 gross domestic product, and the GDP price index, personal income, personal spending, durable goods orders, new home sales, and University of Michigan consumer sentiment. In eurozone news, German Chancellor Merkel won approval from the upper house of parliament to enact the Rapid Economic Stimulus Law, an initiative to cut taxes in the new year and provide at least €8.5 billion in fiscal stimulus. Data released in the eurozone today saw an EMU-16 trade surplus of €8.8 billion in October, up from a revised €0.9 billion in September, while the October current deficit narrowed to -€4.6 billion. Also, the German Ifo business climate index expanded to 94.7 in December from an unrevised estimate of 93.9 in November. Additionally, German factory gate prices were up 0.1% m/m and off 5.9% y/y in November. Euro bids are cited around the US$ 1.3885 level.