Source: ForexYard
Signs that the Fed is preparing to initiate a new round of quantitative easing as early as next month, led to significant gains for higher-yielding currencies last night. The EUR/USD hit a fresh seven-week high, and is currently trading above 1.2560. Crude oil also extended its recent gains and is currently trading at $98.12 a barrel, its highest level since early May.
Main News for Today
German Flash Manufacturing PMI- 07:30 GMT
• Analysts are calling for the PMI to come in at 43.5, slightly higher than last month’s 43.0
• If the indicator comes in below the forecasted level, the euro could reverse some of its recent gains
US Unemployment Claims- 12:30 GMT
• The number of people filing for unemployment in the US has come in below expectations for the last four weeks
• If the figure comes in below the expected 365K today, the dollar could see gains against the yen during mid-day trading
US New Home Sales- 14:00 GMT
• Analysts are forecasting today’s news to show growth in the US real estate sector
• If the new home sales figure comes in at or above the forecasted 363K, the dollar could reverse some of its recent losses
Forex Market Analysis provided by ForexYard.
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