Source: ForexYard
The euro fell to a one-week low against the US dollar in overnight trading, as investor fears regarding Spain and Greece’s debt situation, combined with a worse than expected German business climate indicator yesterday, led to risk aversion in the marketplace. After trading as low as 1.2885, the EUR/USD was able to stage a slight upward correction and is currently at 1.2910. The price of crude oil saw minor downward movement last night before staging a bullish correction during early morning trading. The commodity, which is currently trading at $92.55 a barrel, has gained close to $1 since European trading began.
Main News for Today
ECB President Draghi Speaks- 13:00 GMT
• Given the recent resurgence in concerns regarding the debt situations in Greece and Spain, investors will be eagerly watching this speech
• If Draghi is able to calm investor fears regarding the pace of the euro-zone economic recovery, the euro could see bullish movement in afternoon trading
US CB Consumer Confidence- 14:00 GMT
• The consumer confidence figure is expected to come in at 63.1, slightly higher than last month’s
• Any better than expected news could help the dollar stage an upward correction against the JPY
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