U.S. Federal Budget Balance to be at the Forefront of Today’s Trading
October 13th, 2009 Posted in Daily Forex News
The Dollar experienced in most cases a bearish trading day on Monday, as it fell against the EUR, the CAD and the CHF. With regards to the British Pound, the British currency tumbled vs. the USD, EUR and JPY.
Crude Oil and Gold rising significantly on Monday helped put additional downward pressure on the USD. This trend accelerated as the trading day continued to unfold.
08:30 GMT – GBP CPI
•Measures the change in the price of services and goods that are produced by the British economy.
•Key indicator of British economic health.
•Positive Results are likely to lead to a bullish British Pound.
09:00 GMT – EUR German ZEW Economic Sentiment
•Measures the level of a diffusion index that is based on surveyed German institutional analysts and investors.
•There is expected to be high volatility in the forex market on the publication of the above data.
•Traders should pay close attention to the forex market as there is an opportunity for them to take advantage of fluctuations that are likely to follow this key release.
Tentative – USD Federal Budget Balance
•The difference in the value between the federal budget’s spending and income during the previous month.
•The indicator is expected to rise from the previous reading.
•A higher than forecast figure may push the USD lower. Whereas a lower than forecast result could push the USD far higher today.
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