The euro appreciated vis-Ã -vis the U.S. dollar today as the single currency tested offers around the $1.4500 figure and was supported around the $1.4415 level. Stops were reached above the $1.4465 level, representing the 23.6% retracement of the move from $1.4965 to $1.4310. Data released in the U.S. today saw the December Richmond Fed manufacturing index fall to -4. Also, the Standard & Poors/ Case-Shiller home price index decline for the 23rd consecutive month, off 6.7% for its largest decline since April 1991. Many traders expect the euro to remain bid on account of the ongoing hawkishness from European Central Bank officials including President Trichet. Euro bids are cited around the US$1.4165 level.
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