Monday, 20 April 2009

Euro breaks below $1.30

In European trading on Monday morning (20th) the euro has dropped below the $1.30 on its cross rate with the US Dollar and perhaps more ominously it is now losing contention with the green cloud on the Ichimoku chart above, which, if validated in the remainder of today's session, would suggest a re-visit to the $1.25 area.

On fundamental grounds there is a growing sense that the ECB have been the least focused of the major central banks in addressing the troubles besetting the banking and monetary climate of its member states - although the structure of the EMU is far less conducive to the kinds of unconventional policies being followed by the B of E, the Fed, and the B of J.

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