So much for the sub-$1.00 Euro that some forecasters were calling for at the start of 2009. One Euro is now back to the level it started at as the New Year kicked off, with a value of $1.3933 currently (May 21).

EURO/USD is expected to swing and rise for the day; EURO has made the higher level consolidation and made the drop as expected from 1.3721 to 1.3556 area yesterday.

The British Pound has quietly surpassed $1.50, after holding in the $1.45-1.48 range since the first week in April.

The Dollar continued its upward correction as a rise in stock markets and better than anticipated economic data fueled further risk-taking in the forex market.

The dollar seemed on the fast track to cruise past 100 yen and beyond recently. During the six week long stock market rally, the dollar surge to a high point of 101 yen on April 6th. However, as the Dow has flattened and held above 8,000 the last couple weeks, the dollar’s momentum against its Japanese counterpart has waned.

After ending last week slightly higher versus most of its currency counterparts, the USD began this week’s trading with a continuation of its recent uptrend, appreciating against every currency rival except the JPY.

The USD held minor gains against some pairs today but ended the day mixed as cross-spreaders took gains off the table and put the majors into near-term S/R; traders note that stops in range and US data today contributed to intraday volatility but by the end of the day the majors held key S/R putting the Greenback back on the defense through the end of the week.