Archived IMT (2008.09.29)

The combination of the bailout of Germany s Hypo Real Estate and slumping economic data from the Eurozone on retail sales and business confidence dragged the euro by 200 points against the dollar to $1.43. Just the dollar rally of 2 months emerged on deepening macroeconomic weakness in Europe , the latest bout of dollar gains escalates on emerging banking woes in the Old Continent. Having broken below the $1.44 support alerted last week, EURUSD aims next target at $1.4270. Upside capped at $1.4430.