Source: ForexYard
The euro took slight losses in overnight trading against the US dollar, but remained near a one-month high reached earlier in the week. After hitting a four-month high at 1.0602 against the USD yesterday, the aussie also slipped last night and is currently trading at 1.0560. With the economic calendar particularly light this week, analysts are forecasting riskier currencies to remain close to their current levels, as there are still expectations that the ECB will announce plans to lower borrowing costs in Spain and Italy.
Main News for Today
German 10-Year Bond Auction
• Should demand for German bonds remain high, riskier currencies like the euro could extend their recent bullish trend during the afternoon session
US Crude Oil Inventories- 14:30 GMT
• Last week, crude oil received a significant boost after the inventories figure signaled an increase in demand in the US
• If today’s news comes in below the forecasted -0.6M, oil could see gains during afternoon trading
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