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The euro had a rally during recent week, but it’s hard to judge that if it was an indication of optimism in European expansion and interest rates or a sheer retracement from the need to swiftly branch out away from the US dollar. This is going to be an essential concern for the FX market’s 2nd most liquid currency when fundamental traders return in full power at the start of 2009. In addition, reforming the estimate for the euro might in fact clarify the dollar’s course throughout the coming weeks. Tightening the figures, the euro’s rally last week was the largest since the currency started trading almost 10 years ago. But this tough momentum was mainly reflected against the dollar and pound.
