The Euro remained under extreme selling pressure in the last week due to rising uncertainty over euro zone’s sovereign debt situation. The pair EUR/USD declined 3.4 percent in the last week reaching its lowest since mid September to 1.2904 as on last Friday’s trading session.
The support and resistance level for the pair EUR/USD is considered around 1.2702 and 1.302 respectively.
The US dollar on the other hand remained strong the whole week on the positive US economic data depicting reduced unemployment rate and jobless claims. On the other hand the single currency moved lower on the new of decline in German industrial production numbers.
Following is the list of major events for current week January 10, 2011 to January 14th, 2010 which can affect the Euro trading.
On Monday January 10th, 2010 official data on French industrial production and a report on investor confidence will be released. Moreover ECB president Jean-Claude Trichet will make a speech which is expected to define his future plans for monetary policy.
Official report on US wholesale Inventories will be published on January 11th, 2010 whereas on January 12th 2010 official report on euro zone’s industrial production will be published. On Jan 12th data on import prices, crude oil inventories and federal budget balance will be released.
On January 13th, 2010 the weekly US jobless claims data will announced along with the report on producer price inflation and trade balance. Whereas in euro zone Germany will release its wholesale price data and France will publish a report on its consumer price inflation.
On the last day of the week January 14th, 2010, data on consumer price inflation data, industrial production and consumer spending will be reported by US, whereas in euro zone Germany and Italy will also furnish their data on consumer price inflation and trade balances.
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Daily forex trading news written by Rehan from DailyForexTrade.com