eToro – Forex Trading Forum

[BlueinGreen]

hi all ,

after a new low for the EURUSD yesterday, we had a small correction to 1.45 ahead of some news today.

the market is still focused on bad economical expectations from Europe. The assumption is that the American economy would outperform the European one- resulting in higher interest rates for the dollar compared to the EUR.

the oil price is still a major element in the forex market. Since it has already dropped to $109 after worries of a Hurricane last weekend which might disturb oil production capacity in U.S has faded.

The ECB ( european central bank) is expected to keep interest rates on hold today,
However if the ECB will acknowledge that the economic outlook has worsened, this will fuel EUR selling, and might send us down to meet the major support area of EURUSD at 1.43

However, if the ECB will not sound as pessimistic as expected, this might bring the Dollar's advance into a temporary halt.

Main events

12:00pm GBP Official Bank Rate -- Forecast 5.00% Previous 5.00%

1:15pm USD ADP Non-Farm Employment Change -- Forecast -30.k Previous 9K

1:30pm EUR ECB Press Conference

1:30pm USD Unemployment Claims -- Forecast 422k Previous 425K

3:00pm USD ISM Non-Manufacturing PMI -- Forecast 49.5 Previous 49.5


Happy Trading