The dollar on the  FOREX MARKET as the new trading week begins is mixed, for it has risen proportional to some of its major and
its minor currency trading partners while it has fallen comparative to others. Try as we might, notwithstanding, we see
little in the way of consistency in how the dollar has reacted since the end of the G20 meetings, for it has fallen relative to the EUR and Sterling, but it has risen relative to the Swiss franc; in other words it knows not what to do relative to Europe generally. If there is one consistency it is that currencies that are “China related”‚Ķ that is currencies where there is more Chinese trade related interest than in others‚Ķ such as the Yen and the Aussie and Kiwi dollars‚Ķ have weakened the most relative to the US dollar; otherwise
incompatibility reigns.

Concerning the G20 meetings, the consensus is that the Presidency has suffered a series of defeats at the meetings, coming home with little that was on its agenda to accomplish. We’ll not debate too greatly with that judgement, for the US went to the meetings hoping
to come away with rather strict numeric rules regarding trade deficits, budget deficits and the like and hoping too to come home with some consensus amongst the attendees that China’s currency policies were wrong and needed to be accompanied too.
The US may not have wanted to have China named directly in the post-meeting communiqu√©, but it diindeed hope that there might be some talk of “undervaluation”of the YUAN  at the very least. It got nothing of the sort.

To that end then the meetings were a disappointment, and for President Obama, who only a year and one half ago reigned exultant, having been adorned with a newly granted Nobel Peace Prize, they were a embarrassment. Reality is a harsh mistress. From my perspective, however, these meetings are always overhyped and the best that one can accomplish is to know that the lines of communication are always made more open amongst the attending nations, and that’s all we got was lip service!
Euro $ projected Range 1.3500-1.3820

GBP$  1.6190 1.5850.

The backdrop of discontent at the G20 meetings in Seoul is giving cause or reason to those exiting their long EUR positions as the debt/banking situation in Europe is suddenly on the boil and there is little that can or will be done to stem this growing concern. As it
was earlier this year, we are again turning all attention to the PIIGS… Portugal; Italy; Ireland; Greece and Spain… and with particular attention to Ireland where that nation’s banks are apparently quite insolvent and there is little consensus as to what,
by whom and when the banks will vhave to be taken over and recapitalized.
The market no longer believes the denials of any problems in the Irish banking system put forth by the Irish bankers themselves  or put forth by the banking authorities in Frankfurt, or Brussels or Dublin there is trouble brewing in the Forex  trading arena!
We are not banking authorities here at The Forex Signals, nor have we ever been, nor shall we ever be. We know only that
the same problems that have caused concerns here in the US regarding real estate are hard and fast at work in Ireland. Simply put, loans made years ago are now being seen as unworkable and with tenuous and worsening collateral. The loans made are not being repaid, and although one can try to make it sound more sophisticated and more palatable, the harsh reality is at the base this is the problem.