Source: ForexYard
After hitting a fresh two-year low against the USD yesterday, the euro remained bearish during the overnight session as investors remained worried that Spain will soon require a full scale international bailout. The EUR/USD is currently trading at 1.2080, just above yesterday’s low of 1.2042. The EUR/JPY is currently at 94.55, slightly above the 12-year low of 94.12 hit yesterday.
Main News for Today
German Ifo Business Climate- 08:00 GMT
• Following yesterday’s disappointing German Flash Manufacturing PMI, investors will be watching this figure for clues as to how much of an impact the euro-zone debt crisis is having on Germany
• Should the figure come in below the expected 104.8, the euro could extend yesterday’s losses
US New Home Sales- 14:00 GMT
• The new home sales indicator is forecasted to come in at 372K, slightly above last month’s figure
• If today’s news comes in as predicted, the USD could see moderate gains against the JPY
US Crude Oil Inventories- 14:30 GMT
• Analysts are predicting today’s inventories report to come in at -0.1M
• If the figure comes in as expected, investors may take it as a sign that demand in the US is up, which could result in the price of oil turning bullish
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