The U.S. Dollar is trading lower against most currencies this morning with the exception of the British Pound. Earlier in the week it was reported that U.K. inflation came out on target at 4.0% but two times the 2.0% mandate.

The EUR USD closed below 1.40 for the week, taking the air out of some analyst forecasts for a move to 1.45. The outside move closing price reversal top could also be indicative of the start of a substantial correction. It all depends if there is follow-through selling next week and if the market can hold the last swing bottom on the daily chart at 1.3775.

The Euro finished lower on Wednesday. Now that credit concerns in the Euro Zone have been taken care for the short-run, investors are becoming worried about the possibility of a slow down in the economy. The size of the new bailout package is expected to have an impact on the Euro Zone economy which may result in a double-dip recession.

June Gold struggled throughout the trading session despite the weaker Dollar. Traders seemed to be adjusting their long positions now that it appears the demise of the Euro has been overstated. Earlier in the week, speculators drove up gold as they hedged against the possibility of a of a Euro collapse.