Higher-yielding currencies and commodities saw significant upward movement during overnight trading, as news that Greece was closer to receiving a new round of bailout funds encouraged risk taking among investors.
The EUR/USD advanced close to 60 pips during the Asian session, eventually reaching as high as 1.3046, while the price of gold gained close to $10 an ounce. Crude oil moved up close to $0.50 a barrel when markets opened for the week, eventually reaching as high as $89.23, before staging a downward correction during morning trading. The commodity is currently trading around the $88.80 level.
Main News for Today
US ISM Manufacturing PMI- 15:00 GMT
• The PMI is forecasted to come in slightly below last month’s figure
• A worse than expected final result could lead to losses for the USD/JPY as well as the price of crude oil
Read more forex news on our forex blog
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