The euro appreciated vis-Ã -vis the U.S. dollar today as the single currency tested offers around the US$ 1.4415 level and was supported around the $1.4365 level. Todayâ€™s range was limited absent significant liquidity ahead of the Christmas holiday. Traders are talking about a Saudi plan to create a sovereign wealth fund that is said to be at least US$ 900 billion+ in the making. European Central Bank President Trichet was quoted as hawkishly saying any evidence of second-round wage inflation would be decisive and said other central banks are in a different situation regarding monetary policy. Many traders continue to speculate the ECB will reduce monetary policy in 2008. November durable goods orders data will be released in the U.S. on Thursday. Euro bids are cited around the US$1.4165 level.
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