Source: ForexYard
The Japanese yen took significant losses against virtually all of its main currency rivals during the overnight session after Japanese Prime Minister Noda said he may call for early elections, possibly as soon as next month.
The euro saw moderate gains against the US dollar last night following a report in a German newspaper that claimed Germany was preparing to deliver an aid package to Greece. The German government has denied the report.
Main News for Today
US Retail Sales, Core Retail Sales- 13:30 GMT
• Analysts are forecasting a drop in both indicators from last month
• Any worse than expected data could result in the dollar reversing some of last night’s gains against the yen
US PPI- 13:30 GMT
• Analysts are forecasting the PPI figure to come in at 0.2%, significantly below last month’s 1.1%
• If the indicator comes in below 0.2%, the dollar could take losses during afternoon trading
US FOMC Meeting Minutes- 19:00 GMT
• Investors will be carefully watching the meeting minutes for clues as to the current state of the US economic recovery
• Any pessimistic view of the US economy could weigh down on the dollar during evening trading
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