Source: ForexYard
The US dollar was able to avoid significant losses in overnight trading, after the Fed extended its bond buying program but did not announce a new round of quantitative easing. Meanwhile, crude oil took heavy losses after the release of a significantly bigger than expected US Crude Oil Inventories figure yesterday. Crude is currently trading below $81 a barrel. Today, in addition to US news, investors will likely be shifting their focus back to the euro-zone, and in particular the ongoing banking troubles in Spain.
Main News for Today
US Unemployment Claims- 12:30 GMT
• Unemployment continues to impeded the US economic recovery
• If today’s figure comes in above the expected 381K, the dollar could fall against its main currency rivals
US Existing Home Sales- 14:00 GMT
• Existing home sales are forecasted to come in below last month’s figure
• If true, the dollar could take losses against the JPY in evening trading
US Philly Fed Manufacturing Index- 14:00 GMT
• Manufacturing is one of the few sectors of the US economy that continues to expand
• Today’s figure is forecasted to come in well above last month’s
• If true, the dollar may see some gains during afternoon trading
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