G7 resolve will be tested by the Euros fresh advance. The 1.60 level will be very important for near-term dollar direction. Despite more favourable US data releases, the Euro has challenged fresh all-time highs against the dollar with a move to 1.5950. The New York manufacturing index recovered strongly to a figure of +0.6 in [...]

At 1.5915, EUR-USD just hit a fresh record high this week, only to fall back later during the trading session. Thus the euro failed to reach 1.60 for the third time in four weeks. Resistance is proving to be strong at 1.59, which EUR-USD has been around ever since the rescue of Bear Stearns. The [...]