European & US sessions forecast levels: 1.5525/1.5675
Trend Sessions: European: Neutral
Market Focus: 8:30 AM Durable Orders, 10:00 AM New Home Sales, 5:00 AM German Ifo Business Climate Index, Current Account, German Ifo Business Expectations Index, 5:30 AM ECB President Trichet Speaks, 6:00 AM Industrial New Orders.
Daily Strategy: The traders speculate that on the next Fed policy meeting will decide for new interest rates cut. The expectations are for interest rates to cut between 25 bps and 75 bps. The latest release of US Consumer Confidence had shown very poor results that signal for US recession. For today the dollar will up temporary against the euro but that will be a good moment for opening long positions.