Source: ForexYard
The EUR/USD came off a two-week low in overnight trading, but any gains are likely to be limited due to pessimism that the upcoming EU summit will produce any concrete solutions to the euro-zone debt crisis. The pair is currently trading at 1.2490. The price of gold fell further during the overnight session, largely due to the strengthening US dollar, which has made the precious metal more expensive for international buyers. Gold has dropped close to $18 in the last 24 hours and is currently trading at $1567 an ounce.
Main News for Today
US Core Durable Goods Orders- 12:30 GMT
• The figure is forecasted to come in well above last month’s result
• Should the news come in at or above the predicted level of 0.9%, the USD could see additional gains against the euro
• If the dollar extends its bullish trend today, commodities like crude oil and gold could fall further
US Pending Home Sales- 14:00 GMT
• Predicted to come in at 1.2%, well above last month’s -5.5%
• If true, the dollar could see gains against the JPY
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