The U.S. Dollar rose against the EUR USD and GBP USD as worries about Portugal’s ability to finance itself increased and demand dropped for risky assets and commodities. The shift in risk sentiment is expected to continue as long as issues about peripheral countries in Europe persist. Traders are not waiting for confirmation, but instead are reacting to the news as a precaution.

The EUR USD had an inside day but finished lower. Technically the Euro fell to the bearish side of a steep uptrending Gann angle at 1.3444, perhaps signaling the end of this rally or at the least the end to the bullish pace which has driven this market to its highest level since April over a short period of time.

The Euro recovered into the close after testing the low for the year at 1.2143. If this low holds, then it will mean that last week’s reversal bottom is still intact while indicating that buyers have stepped in to support the currency.

U.S. stock indices finished lower with the exception of the March E-mini S&P after failing to hold on to earlier gains. The break late in the session coincided with the release of Fed’s Beige book. At first trader reaction to the report was non-committal as it offered no new bullish economic news.