Source: ForexYard
The euro tumbled more than 60 pips against the US dollar during overnight trading, after euro-zone finance ministers failed to agree on terms to provide Greece with a new round of bailout funds. The EUR/USD traded as low as 1.2735 before bouncing back to its current rate of 1.2762.
The USD/JPY hit a fresh 7 ½ month during Asian trading amid speculations that the Bank of Japan will initiate a new round of quantitative easing next month following Japanese election. After trading as high as 82.10, the pair saw a slight downward correction and is currently stable at the 82.00 level.
After falling by more than $2 a barrel yesterday, the price of crude oil stabilized last night after it became clear that cease fire talks between Israel and Hamas had failed to produce any concrete results.
Main News for Today
US Unemployment Claims- 13:30 GMT
• Forecasted to come in at 415K, well below last week’s 439K
• A lower than expected figure could lead to dollar gains during afternoon trading
US Crude Oil Inventories- 15:30 GMT
• If the indicator comes in above the forecasted 0.8M, it may be taken as a sign that demand for oil in the US had gone down, which could turn the price of crude bearish
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