Source: ForexYard
The euro tumbled vs. the US dollar in overnight trading, as concerns regarding the Spanish debt situation led to risk aversion among investors. After falling 55 pips to reach as low as 1.2855, the common currency bounced back to the 1.2870 level, where it is currently trading. After staging a mild upward correction at the beginning of the Asian session, the price of crude oil quickly reversed, erasing all of its previous gains. Crude traded as high as $91.31 a barrel before dropping to its current level of $90.75.
Main News for Today
US New Home Sales- 14:00 GMT
• The home sales data is forecasted to come in at 381K, which would represent an improvement over last month’s figure of 372K
• Any better than expected news could help the US dollar bounce back from its recent lows against the Japanese yen
Read more forex news on our forex blog
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