Source: ForexYard
Uncertainty regarding a possible Spanish bailout package led to risk aversion when markets opened for the week, and caused the euro to turn bearish during Asian trading. The EUR/USD fell close to 60 pips last night, eventually reaching as low as 1.2925 before staging a slight upward recovery. The pair is currently trading around the 1.2960 level. Commodities and precious metals also started the week on a downward note. The price of crude oil fell over $1 a barrel last night, and is currently trading just above $92. Gold dropped by more than $16 an ounce to trade as low as $1757.03 before bouncing back to its current level of $1762.
Main News for Today
German Ifo Business Climate- 08:00 GMT
• The indicator is forecasted to come in slightly higher than last month’s
• Anything above the expected 102.6 could help the euro recover some of its losses from the overnight session
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