By Yan Petters – After 2 months ion which the Dollar rose consistently against the Euro, the trend is making signs of halt. For the past week the Euro has been recovering, mainly due to speculations that the Euro-Zone will manage to recover from its debt crisis. It currently seems that until further negative data will prove otherwise, the Euro has potential to rise further vs. the major currencies.
Here are today’s leading news events:
• 08:30 GMT, British Claymont Count Change – This is the first release of British unemployment data in the month. Due to the earliness of this publication, it tends to have a large impact on the market. If the end will be negative it could weaken the Pound.
Further bullishness in the pair would make the next price target at the resistance line that rests at 1.5040.
• 12:30 GMT, U.S. Producer Price Index (PPI) – The PPI is a leading indicator of consumer inflation. A positive result will show that the economy is recovering and will likely to have a positive affect in the Dollar, and vice versa.
The pair is currently testing the 1.2350 resistance level A breach of this significant resistance level could propel the pair higher to the next resistance line which rests at 1.2520.
• 14:30 GMT, U.S. Crude Oil Inventories – This indicator measures the change in the number of barrels of crude oil held in inventory during the past week. The result of this report doesn’t have a consistent affect, yet it usually leads to high volatility in the market.
Forex Market Analysis provided by Forex Yard.
© 2006 by FxYard Ltd
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