Source: ForexYard
The euro saw very minor upward movement during the first half of Asian trading and eventually gained close to 30 pips to trade as high as 1.2899. That being said, the common currency was not able to sustain its bullish movement, and quickly reversed virtually all of its gains. The EUR/USD is currently trading at 1.2870, not far from a recent two-week low of 1.2834. Crude oil was able to largely maintain its gains from yesterday, after a lower than expected US inventories report signaled an increase in demand in the world’s largest oil consuming country. The commodity is currently trading at $90.10, up over a dollar from yesterday afternoon.
Main News for Today
Italian 10-Year Bond Auction
• Fears of rising borrowing costs in the euro-zone have led to risk aversion in the marketplace this week
• Any indication that Italian borrowing costs have gone up may lead to additional euro losses today
US Core Durable Goods Orders- 12:30 GMT
• The indicator is forecasted to come in significantly higher than last month’s
• If the final result comes in above the forecasted 0.2%, the USD could see gains against its main currency rivals
US Unemployment Claims- 12:30 GMT
• Forecasted to come in slightly below last week’s figure
• Anything below the expected 378K could help the US dollar in afternoon trading
US Pending Home Sales- 14:00 GMT
• Forecasted to come in at -0.4%, significantly below last month’s 2.4%
• Any worse than expected news could weigh down on the US dollar vs. the JPY
Read more forex news on our forex blog
Forex Market Analysis provided by ForexYard.
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