Monday, 8 Feb 2010

EUR Recovers Against Dollar

The EUR edged up against the dollar during the morning trading session, recovering after recent losses but still close to multi-month lows on concerns about the fiscal health of some euro zone countries. The 16 nation currency is currently trading higher against the USD by nearly 70 pips at 1.3680.

Crude Oil Prices have been steadily recovering from a plunge during the early trading hours when prices reached a low of $70.10 a barrel, slowly reaching back to the $71.90 level. However, as was evidenced in the past week, Oil has great difficulty supporting prices over $72; therefore, trading is expected to remain volatile above and below the $72 price range as the market continues to search for the true value of Crude Oil.

Today is a quiet news day for the U.S. as there are no major economic data releases on the calendar today. However, Canada and Europe appear to be releasing the bulk of today's news, which means we may see a day of trading with low liquidity and therefore increased volatility. Day-traders can take advantage of these intense trading days by swinging within the larger-than-normal price fluctuations.