Source: ForexYard
The euro saw modest gains against the US dollar in overnight trading ahead of euro-zone GDP data and a German Economic Sentiment figure set to be released today. After falling close to $2 a barrel during afternoon trading yesterday, crude oil was able to bounce back during the overnight session due to increased tensions in the Middle East which has led to supply side fears among investors. The commodity is currently trading just below $93.50.
Main News for Today
German ZEW Economic Sentiment- 09:00 GMT
• The economic sentiment figure is expected to come in at -19.4, which would indicate significant pessimism in the German economy
• If the figure comes in below the forecasted level, the euro could see some losses during the European session
Euro-zone Flash GDP- 09:00 GMT
• The euro-zone GDP figure is forecasted to come in at -0.2%
• If true, it would signal a contraction in the euro-zone economies and could result in the euro giving up some of its recent gains
US Retail Sales/Core Retail Sales- 12:30 GMT
• Both the Retail Sales and Core Retail Sales are forecasted to come in well above last month’s figures
• If true, it may signal to investors that the US economy is expanding and could result in dollar gains during afternoon trading
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