Source: ForexYard
The EUR/USD shot up to a 14-month high in early morning trading today, as investor confidence in the euro-zone economic recovery continues to boost riskier assets. The pair, which is currently trading at 1.3510, has advanced close to 30 pips since the beginning of Asian trading last night.
Bearish US dollar movement last night helped gold become more affordable for international buyers, which boosted demand. The precious metal, which is currently trading at $1667.75 an ounce, gained over $5 during the Asian session.
Main News for Today
US ADP Non-Farm Employment Change- 13:15 GMT
• The indicator is considered an accurate predictor of Friday’s all important Non-Farm Payrolls figure
• If today’s news comes in below the forecasted 164K, the dollar could take additional losses during afternoon trading
US Advance GDP- 13:30 GMT
• The GDP figure is forecasted to show a slowdown in US economic growth
• If today’s news comes in below the expected 1.1%, the dollar is likely to extend its current bearish trend
US FOMC Statement- 19:15 GMT
• If the FOMC signals a slowdown in the US economic recovery when their statement is issued, risk aversion may lead to gains for the yen against the USD
The pair, which is currently trading at 1.3510, has advanced close to 30 pips since the beginning of Asian trading last night.
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