Source: ForexYard
The euro fell more than 50 pips against the US dollar in overnight trading last night, as a renewed deadlock in US “fiscal cliff” negotiations led to risk aversion in the marketplace. The EUR/USD is currently trading just above 1.3200.
The USD/JPY also fell close to 50 pips due to concerns regarding the “fiscal cliff”. The pair, which had traded as low as 83.90 during the early morning session, has since bounced back to its current level of 84.05.
The price of crude oil fell by more than $1 a barrel during the Asian session, eventually trading as low as $88.94. The commodity saw a slight upward correction at the beginning of the European session and is currently trading around the $89.35 level.
Main News for Today
US Core Durable Goods Orders- 13:30 GMT
• The indicator is forecasted to come in at -0.2%, significantly lower than last month’s 1.8%
• A worse than expected figure today could result in losses for the dollar before markets close for the weekend
Read more forex news on our forex blog
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