OctaFX | OctaFX Forex Broker
Open trading account
Back

Forex Flash: EUR/USD calendar over next week looks skewed in favour of renewed downside - Westpac

FXstreet.com (Barcelona) - Following fresh 2-month lows in EUR/USD printed at 1.2906 around NY close, “The event risk calendar over the next week looks skewed in favour of renewed EUR/USD downside,” says New York based Westpac analyst Richard Franulovich, adding: “Regionwide advance May PMIs are scheduled for Thursday next week. We won’t be holding our breath looking for stronger May PMIs based on the just released ZEW survey (current conditions) for both Germany and the Eurozone,” Richard notes.

“Bernanke testifies before US Congress next week on the economic outlook as well,” he expands. “He is likely to signal that if and when asset purchases slow it will be conducted in, 'careful and halting steps,'” the analyst suggests, concluding: “That could if anything take some steam out of the USD. However, expectations in the lead up to his testimony are apt to focus more on the big picture tapering theme, underpinning the USD.”

Forex: AUD/USD approaching critical trend line support on weekly chart

The Aussie continued its descent today, closing down another 0.58% to finish at 0.9895. The pair has given up just over 4% in the past six trading days and is trading at its lowest level since early June 2012. The AUD Budget release was the main economic report out of Australia yesterday’s session, which was released at 9:30 GMT. In the upcoming Asia session we will see AUD New Motor Vehicle Sales, and Wage Price Index. Currently, the pair is trading up 7 pips at 0.9902 in early Asia trade.
Read more Previous

Commodities Brief: Precious metals struggles as US Dollar Index adds to gains

It was another tough day for commodities with gold, silver, and oil all closing in the red. The US Dollar Index was well bid throughout the session, closing at its highest level since late August. Equities once again were the outperformers, with the S&P 500 gaining 1.04%, to close at a new all time high of 1650.34.
Read more Next
Start livechat