Source: ForexYard
As investors anxiously await news regarding possible action by both the Fed and ECB to boost the US and euro-zone economic recoveries, higher yielding assets were able to maintain their recent gains in overnight trading. The EUR/USD dropped close to 15 pips, but remained within reach of a recent seven-week high of 1.2588. Gold advanced close to $4 an ounce last night, reaching as high as 1669.67, just below a recent 4 ½ month high of $1676.64.
Main News for Today
US Prelim GDP- 12:30 GMT
• Forecasted to show slight improvements in the US economy
• If true, the dollar could see gains against the yen and euro during mid-day trading
US Pending Home Sales- 14:00 GMT
• Expected to come in at 1.1%, significantly higher than last month’s -1.4%
• If true, the dollar could reverse some of its recent losses against currencies like the EUR, CAD and CHF
US Crude Oil Inventories- 14:30 GMT
• Crude oil has been trading steadily around the $96 a barrel level in recent days
• If today’s news comes in below the forecasted -1.1M, it may be a sign of increased demand in the US, which could boost the price of oil
Read more forex news on our forex blog
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