Source: ForexYard
The US dollar remained close to a two-week high against the Japanese yen during the overnight session, as confidence in the US economic recovery remained high following better than expected American economic indicators released yesterday. The euro saw mild gains against the USD last night, as risk appetite remained high among investors. The EUR/USD advanced close to 40 pips to trade as high as 1.2953. After tumbling close to $4 a barrel yesterday, the price of crude oil remained relatively stable at around $88.20 for most of Asian trading.
Main News for Today
EU Minimum Bid Rate/ECB Press Conference- 11:45 and 12:30 GMT
• Most analysts expect the ECB to leave euro-zone interest rates unchanged at 0.75%
• Investors will be closely watching the press conference for clues as to the current state of the EU economic recovery
• If the ECB voices any kind of negative sentiment regarding the EU’s current economic situation, the EUR/USD could move downward
US Unemployment Claims- 12:30 GMT
• This week’s unemployment claims figure is expected to come in at 371K, slightly higher than last week’s figure
• If the indicator comes in above the forecasted level, the dollar could turn bearish against the JPY
US FOMC Meeting Minutes- 18:00 GMT
• Investors will be closely watching the meeting minutes to get a better sense of the current state of the US economic recovery
• Any negative outlook from the FOMC may weigh down on the USD during evening trading
Read more forex news on our forex blog
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