In a bizarre circumstance, the news published on today’s calendar – beyond the Greece riots and austerity budget vote – are being released predominantly in line with market forecasts. Daily news tends to generate swings in currency values because actual results rarely line up with market forecasts and the adjustments in portfolios which occur after a release generate volatility.
Today’s news out of Japan, Switzerland, and Great Britain, however, have all come in line with forecasts, creating a flat technical trading day amid one of the most tumultuous news days in recent memory. The Greece vote and concurrent riots are still capturing the spotlight, but today’s snore-inducing news is aiding its central focus perhaps beyond what it otherwise would be. Is this good or bad for the EUR?
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