Ifo Business Climate Expected Today!
May 25th, 2009 Posted in Daily Forex News, In-Depth Analysis
25 May 2009
8:00 GMT German Ifo Business Climate report (already released):
- Monthly indicator measuring confidence in the German business sector
- Highly respected report considering its historic correlation between the economic conditions of Germany and the broader Euro-Zone
- Report showed that business confidence rose, but not as high as forecast.
- These results may push the EUR slightly lower throughout the day
All Day to Consider: Bank Holidays in US and UK:
- Today there will be very low liquidity in the market due to bank holidays in some of the bigger economies
- As such, expect high volatility on currency movements.
- A normally small impact on currency values may be larger movements than traditionally due to this low liquidity.
- Bank Holidays: US = Memorial Day; UK = Spring Bank Holiday
Gold tips:
- There may be a “head and shoulders” formation developing on the hourly and 4-hour charts for Gold.
- If this is true, Gold will see a sharp depreciation this evening, or early tomorrow morning.
- Target price may be as low as $935 (current price is $952).
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Tags: Commodities, daily forecast, daily tips, eur forecast, Forex Forecast, Forex Strategies, Gold forecast, Gold trading, strategies, trading strategies, USD forecast, USD Trading
