U.S. Forex Market Commentary
EURO The euro moved sharply lower vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.2775 level and was capped around the $1.2955 level. The common currency came within a few pips of testing a multi-week low dating to early December. Data released in the U.S. today saw Q4 2008 GDP print at a better-than-expected -3.8%, albeit the worst print since Q1 1982. Notably, the personal consumption expenditure price index printed at -5.5% in Q4, down