U.S. Forex Market Commentary

EURO The euro depreciated vis-à-vis the U.S. dollar today as the single currency tested bids around the US$1.4675 level and was capped around the $1.4785 level.  Stops were hit below the $1.4690 level, representing the 61.8% retracement of the move from $1.4520 to $1.4965.  Federal Reserve Chairman Bernanke spoke yesterday and made it very clear that the Federal Open Market Committee may reduce interest rates further on 11 December by being “exceptionally alert and flexible.”