Source: ForexYard
The euro took extended yesterday’s losses against the US dollar and Japanese yen in overnight trading, following disappointing German economic data yesterday and the ECB’s continued inaction to lower borrowing costs in Italy and Spain. Weak euro-zone growth prospects also continued to weigh down on the price of gold, which has fallen close to $10 an ounce since last night and is currently trading just below the $1608 level.
Main News for Today
UK PPI Input- 08:30 GMT
• Figure is expected to come in at 1.4%, well above last month’s -2.2%
• If true, risk taking could help sterling recover some of its recent losses against the dollar before markets close for the weekend
Canadian Employment Change- 12:30 GMT
• The Canadian dollar has taken losses against both the USD and JPY recently
• Should today’s news come in above the forecasted 9.6K, the loonie could see gains against its safe-haven currency rivals
Forex Market Analysis provided by ForexYard.
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