Source: ForexYard
The euro fell close to a two-week low against the US dollar during the overnight session, as investors remain doubtful that a summit of EU leaders later this week will produce any meaningful solutions to the euro-zone debt crisis. Furthermore, the EUR/JPY fell close to 40 pips last night, and is currently trading at 99.51. Crude oil also resumed its bearish trend dropping close to 60 cents. The commodity is currently trading at $78.80 a barrel.
Main News for Today
US CB Consumer Confidence Figure-14:00 GMT
• While the dollar has seen substantial gains against currencies like the euro and Swiss franc lately, it has fallen against the Japanese yen
• If today’s news comes in above the forecasted level of 63.8, it may help the dollar recover some of its recent losses against the JPY
• Should today’s news come in below the expected level, the dollar could take additional losses against the JPY
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