Source: ForexYard
The euro took mild losses against its main currency rivals ahead of today’s highly significant US Non-Farm Payrolls report. The EUR/USD fell over 20 pips to 1.3125 during morning trading, while the EUR/JPY dropped as low as 105.20.
The euro may be able to reverse its bearish trend before markets close for the week if today’s Non-Farm statistic comes in below the expected 170K. That being said, analysts are quick to warn that with elections in France and Greece this weekend, any gains the common currency makes could be temporary. Opposition parties are expected to take power in both countries, which may lead to a conflict with other euro-zone countries regarding recent austerity measures in the region.
Traders will want to pay attention to the results of the elections, which are scheduled to be released before markets open on Sunday night. Should any signs of a disagreement between either France or Greece and other euro-zone countries come about, the euro could start off next week’s session on a bearish note.
Forex Market Analysis provided by ForexYard.
© 2006 by FxYard Ltd
Disclaimer: Trading Foreign Exchange carries a high level of risk and may not be suitable for all investors. There is a possibility that you could sustain a loss of all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with Foreign Exchange trading.
