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EURUSD Rally Slows as QE3 Hope Hits Saturation Point

EURUSD Rally Slows as QE3 Hope Hits Saturation Point

John Kicklighter, Chief Strategist

The drug-like effect the markets felt after the FOMC minutes bolstered hopes for QE3 faded quickly this past session. Whether expectations for another round of stimulus has already been fully priced in (short of tangible action) or general market conditions are curbing a full-fledged trend, the dollar has eased its descent. Nevertheless, with the USDollar Index on the business side of a year-long trendline, the debate between congestion versus fundamental trend development is more fluid. With volatility levels still elevated, will the markets end this week with one last, heavy move?

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.