Morning Forex Report : Big day ahead for forex markets
01/07/2010 by ukcitymedia.co.uk about : Forex Trading - 0 Comments - 351 words
Market update: 06.15 GMT
After yesterday's bloodbath, the risk takers are dipping their toes back into the currency markets in early trading this morning. Forex markets are seeing a slight reversal of yesterday's moves. The two currencies at the epicentre of the sell off; the Aussie dollar and euro are bidding higher. However, so far the buying looks tentative in comparison to damage done yesterday. Click here for info on trading currency pairs
Such caution is understandable given the number of market moving events due out today. In no particular order we have..
1. The ECB's LTRO
As mentioned yesterday, we have the big question of what will happen with the expiration of the European Central Bank's Long Term Refinancing Operation. It could cause major financial shockwaves, it may be a non event, but its something to be aware of as the day unfolds. Here's a useful primer to the LTRO.
2. German presidential elections.
The powerhouse of the Eurozone, Germany is expected to elect Christian Wulff as its new president. If it were to happen, the result is seen as adding stability to Chancellor Merkel's shaky coalition. If not, it could create uncertainty in the euros epicentre and if there's one thing markets don't like it's uncertainty.
How will this impact forex markets? If Wulff does not get in, it could be negative for the euro as investors fret on the stability of Germany's ruling coalition.
3. US Non Farm Employment Change
Released at 13.15, ADP jobs numbers are a reasonable primer for Friday's all important Non Farm Payrolls. Analysts are expecting a slight rise to +59K. Recent US economic data has disappointed including yesterday's consumer confidence, will today be more of the same?
4. Any other Business
On top of all this we have the Swiss Kof economic barometer at 10.30 and Canadian GDP at 13.30 GMT.
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