The last two afternoons in the NY stock market was extremely volatile. The DJ had gone lower by about 200 points to only close with a -33 point close. The market was attentive to Bernanke's conference with Congress and apparently saw indications of low probability for a December rate cut.
However, what we now have is a very hawkish ECB leaning on the side of inflation control and a FED that is leaning on boosting economic growth. Furthermore, there is a better chance of the ECB increasing rates than the FED lowering them. This could prove incredibly bullish for the Euro. 1.50 is definitely not out of the question (and more!!)
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