Euro still lost in the weeds

The euro is looking awfully lifeless of late, and may be on the verge of making the U.S. dollar look "strong" again. March euro futures closed on Friday at $1.4618, down 1.62 cents from $1.4780 last week.

Far from being bullish on the euro, futures all the way out at June 2009 are priced only at $1.4433, which indicates the dollar gaining strength.

Although foreign exchange "strategists" do a lot of talking about "fundamentals" and how weak the dollar is, the truth is that it is all a giant shell game with speculation and short-term trading as its aim and nothing to do with long-term fundamentals.

Despite the "weakness" of the dollar, the euro, pound, and Canadian dollar have not made any headway against the dollar for two months now.

-- Jack Krupansky