Source: ForexYard
Renewed speculations that the Bank of Japan will initiate fresh monetary easing measures kept the USD/JPY well above the 90.00 level during Asian trading last night. The pair is currently trading at 90.48, just below a more than 2 ½ year high.
The EUR/USD spiked more than 50 pips during early morning trading today, ahead of news which is expected to show that business confidence in Germany has increased since last month. The pair is currently trading at 1.3415.
Both crude oil and gold saw moderate gains last night, amid signs of progress in the global economic recovery. Oil prices gained close to $0.40, while gold advanced more than $6 an ounce.
Main News for Today
German Ifo Business Climate- 09:00 GMT
• Analysts expect the indicator to come in at 103.1, which if true, would signal improvements in the German economy
• Better than expected data could give the euro a boost during mid-day trading
US New Home Sales- 15:00 GMT
• New home sales are forecasted to have slightly increased over last month
• A better than expected figure could boost the USD/JPY along with crude oil prices
Read more forex news on our forex blog
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