Source: ForexYard
The euro fell to a three-week low against the US dollar in overnight trading, as concerns about Spanish debt continued to draw investors to safe-haven assets. The common-currency fell as low as 1.2802 last night, before rebounding to its current level of 1.2867. After dropping close to $0.70 a barrel during the Asian session, crude oil was able to recoup most of its losses and currently stands at $91.86, virtually the same price as when markets opened for the week.
Main News for Today
US ISM Manufacturing PMI- 14:00 GMT
• The PMI is forecasted to come in at 49.8, slightly higher than last month’s figure
• Any better than expected news will likely boost investor confidence in the US economic recovery and could help the dollar extend its recent bullish trend
Fed Chairman Bernanke Speaks- 16:30 GMT
• Investors will be watching today’s speech for clues as to the current state of the US economic recovery
• Any positive comments from the Fed Chairman could help the dollar during afternoon trading
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