Thursday, 3 Mar 2011

EUR Rises on All Fronts

The euro jumped broadly on Thursday after European Central Bank President Jean-Claude Trichet said inflationary risks are to the upside and "strong vigilance" is required. The euro rallied as high as $1.3975, its strongest level since Nov. 9. It last traded at $1.3940, up 0.6 percent on the day.

The dollar had earlier briefly gained versus the euro and yen after data showed new U.S. claims for unemployment benefits fell last week to their lowest level in more than 2-1/2 years

Tomorrow, forex traders cannot afford to overlook, a batch of data is expected from the leading economies. Both the British Halifax HPI and U.S Non-Farm Employment Change will be released at 8:00 GMT and 13:30 GMT respectively, promising an extremely volatile trading day. Traders should take advantage of this unique opportunity and use the volatile market in order to capitalize profits.