Wednesday, 29 Aug 2012
Forex Trading Machine
The euro was able to advance against most of its main currency rivals during the European session yesterday, as investors shifted their funds to riskier assets amid speculations that the ECB may soon take action to lower borrowing costs in Spain and Italy. The EUR/JPY gained more than 80 pips to trade as high as 98.82 before experiencing a slight downward correction. The pair eventually stabilized at 98.65. Against the dollar, the common-currency was able to advance more than 90 pips. After peaking at 1.2572, the EUR/USD dropped to the 1.2560 level.
Today, the euro could see significant volatility as a batch of US news is set to be released during mid-day trading. If any of the data signals growth in the US economy, the dollar may be able to rebound against the euro as a result. Later in the week, traders should not forget to pay attention to the results of the Italian ten-year bond auction, scheduled to take place on Thursday morning. If there is positive demand for Italian bonds, the euro could see bullish movement.
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