Source: ForexYard
The euro bounced back from a two-week low against the US dollar yesterday, after Spain unveiled a new budget which some viewed as the next step before officially requesting a bailout from the European Central Bank. The EUR/USD advanced more than 30 pips during Asian trading to reach as high as 1.2941 before staging a downward correction and dropping to its current level of 1.2925. Both crude oil and gold saw gains from the news as well. In the last 24 hours, crude has gained more than $2 a barrel while gold has advanced over $25 an ounce.
Main News for Today
Canadian GDP- 12:30 GMT
• The Canadian dollar has steadily gained on the USD for the last several days
• Should today’s news come in above the forecasted 0.1%, the USD/CAD could see additional downward movement before markets close for the week
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