This week began with a sharp appreciation of the Euro, following the Euro-Zone’s $146 billion rescue plan for the Greek economy. However, once the optimistic clouds scattered, the concerns regarding the Euro-Zone’s future have dominated the market.
Currently, despite the Greek aid package, investors have great concerns regarding the Euro-Zone’s ability to control the current gloomy situation. The effects of the enormous aid package in addition to the uncertainty of the Irish, Portuguese and Spanish economies have continued to put downward pressure on the Euro. As a result, the Euro dropped over 150 pips from a 1-week high at the 1.3358 level.
As for today, traders should first and foremost follow all updates regarding the Greek economy. Moreover, for the near future there are no doubts that this issue will continue to have an immense influence on the market.
Here are today leading news publications:
• 12:30 GMT, US Personal Spending – This report measures the change in the total value of expenditures by consumers. The consumer spending accounts for a majority of overall economic activity. Current expectations are that the personal spending in the US grew by 0.7% on March. If the actual result will be similar, it is likely to strengthen the Dollar.
• 14:00 GMT, Manufacturing Purchasing Managers’ Index (PMI) – It is a survey of purchasing managers, who are asked to rate their current business conditions. If the end result will beat expectations for 60.0, the USD is likely to be boosted as a result.