Today’s Forex Market Commentary

By Russell Glaser

The dollar strengthened following positive consumer confidence numbers in the U.S. and negative news for the European financial system.

• Standard & Poor’s sent a warning concerning the Greek banking and its struggles since the outbreak of the Greek financial crisis. Troubles may persist for Greek banks as high borrowing costs weigh on the Greek government.

• Ireland effectively nationalized its banking system by taking over two financial institutions and injecting cash into others.

• The IMF reduced its yearly economic growth estimate for Germany to 1.2% from 1.5%.

• U.S. Consumer Confidence rose to 52.5 on expectations of 50.1.
The EUR/USD could fall today to the support level of 1.3280 if the ADP Non-Farm Employment Change is inline or better than expectations of +40K jobs.

• Australian retail sales fell unexpectedly 1.1% on expectations of a 0.3% increase.

• Weekly crude oil inventory data is due to be released today at 15:30. Expectations are for a rise of 2.4M. The price target for spot crude oil is $83.00.

Forex Market Analysis provided by Forex Yard.

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