David Rodriguez, Quantitative Analyst for DailyFX.com, specializes in statistical studies in currency trading markets and algorithmic trading systems for Managed Accounts Programs offered by parent company FXCM. He holds a degree in Economics from Williams College with a heavy emphasis in quantitative methods and began trading financial markets in the tech boom and bust of 1999-2001. Since then his primary focus has shifted from equities to currency markets, but he continues to trade futures and futures options on a broad range of asset classes as well as currencies.
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The euro is at somewhat of an impasse. It remains in a fairly pronounced medium-term downtrend against the US dollar in the context of many years of strength.
Indecisive financial markets made price action especially hard to predict and kept the euro in a choppy range until the US Federal Reserve surprised markets and raised borrowing costs for banks on Thursday.
Greece is in special danger not only due to the sheer size of the fiscal deficit as a percentage of GDP, but any political efforts to institute cuts in spending and rein in the deficit have been met with fierce popular opposition.
The US dollar and many key asset classes have been stuck in choppy trading ranges, and the lack of sustained direction makes currency forecasts especially difficult.
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