The Euro declined versus the US dollar on Friday due to riots and political crisis in Egypt. Experts believe the unrest could spread to other Arab countries in neighbor of Egypt.
The pair EUR/USD declined 0.23 percent to 1.3609 on Friday as compared to 1.3757 on Thursday. The pair is expected find support at 1.3448 with could witness resistance at the level of 1.3757.
Fresh buying was seen in the greenback backed by strong US economic data as GDP increased 3.2 percent for the fourth quarter. Following are next week’s major events and happenings that could affect the trading of the pair EUR/USD
On Monday January 31st, 2011 the preliminary data of consumer price inflation will be reported in euro zone while official data on retail sales will be published by Germany.
Official data on personal consumption expenditure will be reported in United States while the leading economic indicator of Chicago PMI will also be published in US on Monday.
On February 1st 2011 Institute of Supply Management will release the data on US manufacturing growth, whereas official report on unemployment rate will be released in euro zone. Germany will also publish its unemployment data.
On Wednesday February 2nd 2011, employment data of private sector by payroll processing company ADP will be published in United States. Moreover data of crude oil inventories will also be published in United States. On the other hand euro zone will report its data of producer price inflation on Wednesday.
On February 3rd, 2011 chairman of Federal Reserve Ben Bernanke will address at public engagement and could disclose his future plans for monetary policy. Further weekly report on jobless claims will also be published along with data on labor costs, factory orders and productivity in United States.
Official data on retail sales and minimum bid rate in euro zone will be announced by ECB on Thursday.
On February 4th, 2011 official data on nonfarm payrolls, average hourly earnings and unemployment rate will be published in US.
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Daily forex trading news written by Rehan from DailyForexTrade.com
