Euro finally seems to be on a roll

The euro has finally seemed to have gained a little traction, driving the December futures contract up to $1.4293 on Friday from $1.4102 a week ago, a gain of 1.91 cents to follow up the gain of 1.95 cents a week earlier.

Where the euro goes from here is up in the air since we no longer have a solid consensus on what the Fed will do with interest rates, where the overall U.S. economy is headed, or how deep-pocketed the speculators are who are pushing up the euro.

As far as where speculators think the euro may be headed, euro futures out at March 2009 were only at $1.4311 on Friday, so there isn't exactly a lot of "slam dunk" enthusiasm for betting on an ongoing upwards trend, so far.

-- Jack Krupansky