The Euro (EUR) the Euro surged against the greenback after the FOMC statement prompted the large stock rally. Resistance at 1.4400 stopped the rally and the market consolidated at highs. The next move will related to whether stocks can maintain gains and the effect this will have on the EUR/CHF and EUR/JPY. Yields on Italian and Spanish long term debt fell again yesterday which is positive for stabilizing the Euro debt crisis.
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