eToro – Forex Trading Forum

[BlueinGreen]

morning all,

the dollar continues to trade higher as EURUSD broke under 1.47 early this morning ahead of the German Ifo report.
The report is expected to show further signs of declining economic growth in the euro zone.
this in return will rise the chance for an interest rate cut on the EUR by the ECB in the near future.

this report might be highly tradable since it attracts a lot of attention from market participants , many of them are bullish on the dollar.
A worse than expected figure here might lead push EURUSD down to test its lowest low so far at 1.4630, and further to 1.45 area.

later on we have the U.S new home sales report which will give us some more clues on where the U.S economy is headed.



the GBPUSD has reached a 2 years low yesterday at $1.8405 after data last week showed Britain's economy was stalling and raised prospects of an interest rate cut by the Bank of England.

Main Events Today ( GMT)

9:00am EUR German Ifo Business Climate Index Forecast 97.1 Previous 97.5

3:00pm USD CB Consumer Confidence Index Forecast 53.0 Previous 51.9

3:00pm USD New Home Sales Forecast 530K Previous 530K

7:00pm USD FOMC Meeting Minutes

German Ifo Business Climate Index = The Information and Forschung (Ifo) Business Climate Index measures the mood of firms in manufacturing, construction, wholesale and retail. The index is derived from a monthly survey of over 7,000 firms where respondents are asked to give their assessments of the current business situation and their expectations for the next six months.

Happy Trading