So if the EUR/USD is not responding to economic data then what is driving it lower?

The FOMC is widely expected to leave the fed funds target range at 0.0 percent to 0.25 percent, and this should remain the case throughout much of the year.

A breakout in the dollar still seems imminent.

The fundamental nature of the economic landscape has so changed that comparisons with post-WWII recoveries is at best problematical and at worst misleading.

One the most insidious problems that we face as traders is that human beings tend to grossly overestimate their chances of success.

Should we be watching for breakouts this week?

The more intense debate between Europe and the some other major economies is how much government support should be used to prop up a recovery and how long it should be kept in place.

The Japanese yen may continue to outperform in the week ahead as risky assets reverse lower, boosting demand for the safety-linked currency.

The British pound finished the week marginally higher against the US dollar, but the GBP/USD's inability to cross above range highs leaves the pair at clear risk for noteworthy reversal.

The Obama Administration is adding to the accumulated U.S. debt at a suicidal pace – four times faster than the record set just last year.