Euro-Power

Today the Euro reached a near year high against the U.S. dollar peaking at 1.2938, which is just fractions of a penny of the 1.2979 that it reached earlier this year. The Euro was also up against the Yen, and even the dollar was stronger against the Yen today, but it has lost strength since August 8th when the Fed announced that it would keep interest rates steady for the first time since mid 2004. The European Central Bank has forecasted that it will most likely continue to raise interest rates, which will help to strengthen the power of the Euro. Also adversely affecting the dollar are the volatile oil markets in the Middle East, tomorrow Iran will respond by UN sanctions that are backed by the U.S.