By TraderVox.com
Tradervox.com (Dublin) – Last week was disastrous for the euro/dollar pair as it plunged to two-year low after the bold step by the ECB to lower interest rate to 0.75 percent and deposit rate to zero. Further, the pair was pushed further down by the ADP Nonfarm payrolls which came way above the market expectation. On the losing side last week was the euro and yen while the greenback and commodity related currencies rose. The Swiss Franc rose against the euro adding pressure on the Swiss National Bank to react. Here are some of the events that will affect the market this week.
Monday 9
The foreign ministers in the eurozone will meet on this day in Brussels where they will be discussing the aid request from Cyprus, and the Spain and Greece bailout terms. The EU Summit had suggested that the bond buying for Spain was going to be carried out on July 9, but this has changed after opposition rose from some countries. German Trade Balance, Mario Draghi Speech, and Sentix Investor Confidence are other major events to look out for on this day at 0600, 1230, and 0800 hours respectively.
Tuesday 10
On this day, the most important event will be the French Industrial Production data which will be released at 0645hrs GMT. Data from France is expected to show deteriorating outlook for the eurozone. Last month, the second largest economy in euro area registered a 1.5 percent rise in industrial output, but for the June, a drop of 0.9 percent is expected.
Wednesday 11
The German Final CPI data will be released at 0600 hrs GMT. Inflation data from Germany is a key factor considered by the ECB in its monetary decisions and initial estimates showed a drop of 0.1 percent in prices. This is expected to be confirmed by the final figure on Wednesday.
Thursday 12
This day will be filled with major events that will affect the euro/dollar pair. At 0645 hours, the French CPI will be released. France is the second largest economy in Euro Zone a drop of 0.1 percent is expected. The ECB Monthly Bulletin will be released at 0800 hours where data used to make the rate decision last week will be released. Eurozone Industrial Production will be released at 0900 hours. Stagnation is expected after the 0.8 percent drop last month. Draghi talk in Casablanca will also be another event for investors to look out for.
These events are set to give the market negative sentiments hence the euro/usd pair is expected to be bearish.
Major Events this Week that Will Affect the EUR/USD Cross
Last week was disastrous for the euro/dollar pair as it plunged to two-year low after the bold step by the ECB to lower interest rate to 0.75 percent and deposit rate to zero. Further, the pair was pushed further down by the ADP Nonfarm payrolls which came way above the market expectation. On the losing side last week was the euro and yen while the greenback and commodity related currencies rose. The Swiss Franc rose against the euro adding pressure on the Swiss National Bank to react. Here are some of the events that will affect the market this week.
Monday 9
The foreign ministers in the eurozone will meet on this day in Brussels where they will be discussing the aid request from Cyprus, and the Spain and Greece bailout terms. The EU Summit had suggested that the bond buying for Spain was going to be carried out on July 9, but this has changed after opposition rose from some countries. German Trade Balance, Mario Draghi Speech, and Sentix Investor Confidence are other major events to look out for on this day at 0600, 1230, and 0800 hours respectively.
Tuesday 10
On this day, the most important event will be the French Industrial Production data which will be released at 0645hrs GMT. Data from France is expected to show deteriorating outlook for the eurozone. Last month, the second largest economy in euro area registered a 1.5 percent rise in industrial output, but for the June, a drop of 0.9 percent is expected.
Wednesday 11
The German Final CPI data will be released at 0600 hrs GMT. Inflation data from Germany is a key factor considered by the ECB in its monetary decisions and initial estimates showed a drop of 0.1 percent in prices. This is expected to be confirmed by the final figure on Wednesday.
Thursday 12
This day will be filled with major events that will affect the euro/dollar pair. At 0645 hours, the French CPI will be released. France is the second largest economy in Euro Zone a drop of 0.1 percent is expected. The ECB Monthly Bulletin will be released at 0800 hours where data used to make the rate decision last week will be released. Eurozone Industrial Production will be released at 0900 hours. Stagnation is expected after the 0.8 percent drop last month. Draghi talk in Casablanca will also be another event for investors to look out for.
These events are set to give the market negative sentiments hence the euro/usd pair is expected to be bearish.
Article provided by TraderVox.com
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