Euro Erasing Overnight Gains Prior to U.S. Opening

The U.S. Dollar is expected to open stronger this morning based on a slow overnight trade.  For most of the session the Dollar was trading mixed. 

Overnight the German Business Confidence Index was reported stronger than expected.  This is still another sign that an economic recovery is on the way.  Nonetheless, the ECB remains skeptical about the economic outlook.  Traders may be taking a wait-and-see attitude toward the Euro until after the next ECB meeting on September 3rd.  Investors are anxious to find out if the ECB will discuss withdrawing economic stimulus now that the economy is showing signs of recovery.  After an initial surge to the upside, the Euro has given back all of its overnight gains prior to the U.S. Forex Opening.

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