Euro Breaks Through $1.50 in Forex Trading

Currency trading with the euro should consider that the 16-nation currency is on a roll this morning. The euro has broken through the psychologically important $1.50 barrier in forex trading, and is looking for some support at that level right now.

A dollar selloff started yesterday on the currency market as G20 leaders pledged to keep interest rates low. As a result, the risk trade is on, supported by a worldwide equity rally. Not even last week's worse than expected employment data is holding the risk trade back. On top of that, it is clear that gold is getting a boost from dollar weakness as well, touching the $1,100 level.

The euro is expected to continue to do well in forex trading as long as investors remain open to the idea of risk. As the economy recovers, forex traders are expected to continue moving away from the safety of the U.S. dollar, and look for the returns offered by the high beta currencies.