Source: ForexYard
The euro saw moderate gains in overnight trading against its main currency rivals, but investors remained cautious about boosting the common-currency too much ahead of elections in Greece on Sunday. Disappointing US news has led to speculation that the Fed may initiate a new round of economic stimulus. As a result, the price of crude oil has gone up over $2 since yesterday afternoon and is currently trading around the $84.55 level. Following the Japanese Monetary Policy Statement last night, the USD/JPY fell over 60 pips and is currently trading around 78.90.
Main News for Today
US Prelim UoM Consumer Sentiment-13:55 GMT
• The indicator is predicted to come in at 77.5, which would be below last month’s figure
• Should the figure come in below expectations, the dollar could extend its bearish momentum vs. the yen
Greek Elections-Sunday
• Major volatility is expected to occur when markets open on Sunday night
• If anti-austerity political parties win in the election, the euro could see heavy downward movement as a result
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