Will EUR/USD break through 1.50 in currency trading?
Right now, the euro is eying the 1.50 level in forex trading against the U.S. dollar. With gold higher today, after closing last week on a new record high, it is little surprise that some are wondering if EUR/USD, which is often supported by gold prices, is ready to make the move.
The euro has broken above 1.49 in forex trading on the currency market, and now there is speculation that the psychologically important level of 1.50 could be reached. This move would herald the true beginning, in some minds, of a definite beginning to the economic recovery, with the U.S. dollar on the defensive.
It will be interesting to see how things play out, with Barrons calling for a rate hike to 2% and Ben Bernanke expected to address a conference in San Francisco at 11 a.m. Eastern.
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