Source: ForexYard
The euro extended yesterday’s gains against the US dollar last night, following comments by German Chancellor Angela Merkel that she will actively work to preserve the euro-zone and the common-currency. The EUR/USD traded as high as 1.2373 before moving slightly downward to its current level of 1.2360. Crude oil was able to maintain yesterday’s gains during Asian trading, as tensions in the Middle East continue to fuel supply side fears among investors.
Main News for Today
US Prelim UoM Consumer Sentiment-13:55 GMT
• Analysts are forecasting today’s news to come in at 72.5, slightly higher than last month’s figure
• If true, confidence in the global economic recovery could receive a boost, which may lead to risk taking and additional gains for currencies like the euro and Australian dollar
Read more forex news on our forex blog
Forex Market Analysis provided by ForexYard.
© 2006 by FxYard Ltd
Disclaimer: Trading Foreign Exchange carries a high level of risk and may not be suitable for all investors. There is a possibility that you could sustain a loss of all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with Foreign Exchange trading.