Source: ForexYard
The euro was able to come within reach of a two-month high against the US dollar during overnight trading, as hopes that the ECB will unveil plans to lower borrowing costs in the euro-zone led to risk taking in the marketplace. The EUR/USD advanced more than 45 pips to reach as high as 1.2626 before staging a slight downward correction. The pair is currently trading at the 1.2615 level. Commodities and precious metals saw little movement last night. The price of crude oil remained around its current level of $97.15, a one-week high. Gold spent most of the night trading at the $1695 level, a five-month high.
Main News for Today
US ISM Manufacturing PMI- 14:00 GMT
• The PMI is forecasted to come in at 50.0, which if true, would indicate expansion in the US manufacturing sector
• If today’s news comes in at or above the forecasted level, the USD could recoup some of its recent losses against the EUR and JPY
Read more forex news on our forex blog
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