The Euro continues to climb higher this morning, challenging the .618 retracement level of the 1.4282 to 1.2873 at 1.3744. There may be a technical bounce off this level, but this action will most likely represent profit-taking rather than a change in trend. Both technical and fundamental factors are supporting the rally at this time, so if a top is formed it will come as a surprise.

The December E-mini S&P 500 is trading in a narrow range overnight after Irish debt worries dragged down the market on Tuesday. Traders seem to be waiting for news from Brussels where officials from the European Union, International Monetary Fund and European Central Bank are meeting to come up with a solution for the country’s continuing banking sector risks.

Yesterday’s U.S. mid-term elections do not seem to have had too much of an influence on the value of the Dollar as traders have quickly shifted their focus to today’s Federal Reserve monetary policy meeting.

There is no question the Federal Open Market Committee is poised to implement a new quantitative easing program. The questions over the past two weeks have been how, and how much?

One day after a Wall Street Journal article said the Federal Reserve would be less aggressive in the quantitative easing arena than previously anticipated, a story is circulating that the Fed had sent out a survey asking primary Treasury dealers of their expectations of the size and impact of further asset purchases.