Euro Falls From 2-Month High Against Dollar (FXE, UUP)

The Euro retreated from a 2-month high against the dollar Tuesday, as investors took profit ahead of European bank stress test results. The Euro is at $1.290 in mid-morning trade. "We've just seen a decent round of profit-taking. There is concern about the stress tests results," said John McCarthy, director of foreign exchange trading at ING Capital Markets in New York. European bank stress test results, expected to be announced Friday, will be closely watched by global markets. The health of its banks will provide a clearer picture of the global economic recovery. The CurrencyShares Euro Trust FXE is down 0.2% today. Weak corporate earnings from Goldman Sachs GS and IBM IBM have weighed on U.S. equity markets, giving the dollar a modest boost. The PowerShares US Dollar Index UUP is up 0.1% this morning.
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