Market Review 31.5.12

Source: ForexYard


The euro fell as low as 1.2357 against the US dollar in overnight trading, as fears that Spain will soon require a bailout package continue to drive the common-currency lower. Crude oil continued its downward trend as well, reaching $87.25 a barrel last night.

Main News for Today

US ADP Non-Farm Employment Change-12:15 GMT

• Considered an accurate predictor of tomorrow’s Non-Farm Payrolls Claim
• Analysts are forecasting the figure to come in at 145K, slightly above last month’s
• Any better than expected news could help the USD move up against JPY

US Prelim GDP-12:30 GMT

• Analysts are predicting the figure to come in at 1.9%, which would represent a decrease from last month
• If the figure comes in as predicted, investors may continue shifting their funds to the safe-haven JPY as a result

Irish Stability Treaty Vote- All day

• Ireland is voting on whether to ratify a new EU fiscal treaty
• Analysts expect that Ireland will vote in favor of the treaty, but if it does not, the euro could see heavy losses as a result

Forex Market Analysis provided by ForexYard.

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