The euro continued to strengthen throughout the overnight session, breaking out of its previous range to hold above 1.4750.

Professional system trader Art Collins shares his daily biases in the index, bonds and currency futures markets for August 28.

After the biggest spending and borrowing binge in history, Americans need time and money. They need to pay their debts. They need to build savings for their retirements. They need time and money to recover from their mistakes.

Orders for durable goods produced in the United States unexpectedly gained 1.3 percent, the Commerce Department said Wednesday in Washington. To some extent, the gain in orders reflected growing demand from abroad because of a relatively cheap U.S. dollar.

The euro retracement continued from yesterday bouncing from support at 1.4600, but following choppy price action the EUR/USD has consolidated in a range between 1.4730 and 1.4670.

Professional system trader Art Collins shares his daily biases in the index, bonds and currency futures markets for August 27.

Do Americans need to accept a lower standard of living?

The U.S. dollar climbed to a six month high against the euro on speculation the European Central Bank could have to cut interest rates to prevent the euro zone economy from falling into a deep recession.

The latest commentary from the Federal Reserve continues to focus on upside inflation risks, but has yet to warrant expectations of a rate hike to follow in the coming months.

Recent economic data points towards a weakening of real GDP growth in the euro zone economy and a more accommodative monetary policy could be needed to prevent the region from falling into a recession.