Source: ForexYard
The euro took significant losses during early morning trading today, after worse than expected German and French economic data raised concerns among investors that the euro-zone debt crisis is affecting the region’s two biggest economies. The EUR/USD, currently trading around the 1.2930 level, has fallen more than 60 pips since this morning. The AUD was able to gain against several of its main currency rivals last night, after a better than expected CPI figure boosted faith in the Australian economy.
Main News for Today
ECB President Draghi Speaks- 11:45, 14:00 GMT
• The ECB President is scheduled to give two speeches today regarding the current state of the euro-zone economic recovery
• A pessimistic outlook from the ECB president about troubled euro-zone economies could send the euro lower against its main currency rivals
US New Home Sales- 14:00 GMT
• New home sales are expected to have risen to 386K from 373K last month
• Any better than expected data could lead to gains for the dollar against the Japanese yen during afternoon trading
US FOMC Statement- 18:15 GMT
• The FOMC Statement is typically used by investors to gauge the current state of the US economy
• Any indications that the US economic recovery is speeding up could boost the dollar during evening trading
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