By Anton, ForexYard – Following yesterday’s steep drop in value for the Euro, the single currency may have an opportunity to recoup some of its losses in trading today. The following are the today’s main news events.
11:30 GMT: EUR ECB President Trichet Speaks
Normally, market volatility occurs whenever the European Central Bank President speaks. Investors typically try to determine what his speeches mean with regards to the all-important interest rate levels in the EU.
Today’s speech may take on added importance. Following yesterday’s downgrade of Spain’s long term debt rating, combined with the continuing negative news coming out of Greece, investors will want to pay careful attention to Trichet’s speech, as it is likely to heavily influence Euro pairs.
12:30 GMT: USD Unemployment Claims
Investors typically pay close attention the number of new applicants filing for unemployment insurance in the U.S., as it is seen as key indication of the current state of the American economy.
Last week, the unemployment number was slightly higher then forecasted, but the figure did not bring the Dollar down to much. This week, analysts are forecasting a slightly better figure then last week, which if true, could help USD make further gains on the Euro. Traders should be aware that this figure is notoriously hard to predict, and a worse then expected number could cause the Dollar to slide against its major currency rivals.
Forex Market Analysis provided by Forex Yard.
© 2006 by FxYard Ltd
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