Forex trading - live trade room € The euro appreciated vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.4580 level and was supported around the $1.4455 level. Traders are trying to digest one report that suggests the Obama administration is going to impose a major tax on banks that borrowed funds under the Troubled Asset Relief Program. Another report suggests the Obama administration is considering extending capital gains tax relief, a move that could support the equity market. Data released in the U.S. today saw MBA mortgage applications up 14.3% from the prior reading of 0.5%. The Federal Reserve's Beige Book was released today and confirmed improvements in business conditions in ten of the twelve Fed districts but noted the labour market is "generally weak" in most of the Fed districts. Data to be released in the U.S. tomorrow include the December import price index, December retail sales, weekly initial jobless claims, continuing claims, and November business inventories followed by many data on Friday including consumer price inflation, industrial production, and more. Chicago Fed President Evans today reported the U.S. economy may expand 3% to 5% in 2010 and sees a "stable" outlook for prices. Philadelphia Fed President Plosser spoke overnight and hawkishly said "This increase in rates must occur well before the unemployment rate or other measures of resource slack have diminished to acceptable levels." In eurozone news, German gross domestic product growth data confirmed the economy fell 5.0% in 2009, a sharp reversal from 2008's +1.3% expansion. This represented the first contraction in six years and the largest decline since World War II. French data released today saw the November current account gap narrow to €3.8 billion. European Union President Van Rompuy reported Greece's fiscal problems are a major concern the en [...]
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