Previous session overview
On Friday, the economic calendar was empty, but this didn't prevent EUR/USD from moving higher throughout the session. At least for now, the global uncertainty due ongoing high oil prices and renewed credit woes was seen as (slightly) dollar negative even if the losses on European stock markets recently were even more pronounced than for most US indices. In the current environment of low economic and financial visibility the interest rate support is apparently also a supportive factor for the single currency. So, EUR/USD moved higher throughout most of Friday's trading session and closed the day at 1.5606, compared to 1.5505 on Thursday. The uncertainty going into this weekend's oil meeting in Saudi Arabia was an additional negative factor for the dollar.
Market expectation
Today, the US economic calendar is empty. However, the European calendar contains the advanced reading of the June PMI surveys and the German IFO release. We would be rather surprised to see these indicators bring much good news on the European economy. In this respect it would be interesting to see the market reaction in case of a steep fall in the Ifo or in case the European PMI would come out below the key 50 mark. Oil and the credit crisis might continue to be (slightly) negative for the dollar; however, the European data probably don't warrant a euro bullish sentiment either. The Jeddah oil summit didn't yield any perspective for a quick solution to the high oil prices, but at first sight the impact on markets in general and on the currency market in particular is rather limited this morning.
Most important events of the day
| Date | Time:GMT | Currency | Indicator | Forecast | Prior |
| 23/06/2008 | 01:30 | AUD | New Motor Vehicle Sales m/m | -0.60% | |
| 23/06/2008 | 03:04 | NZD | Credit Card Spending y/y | 8.20% | |
| 23/06/2008 | 07:30 | EUR | German Manufacturing PMI (p) | 53.2 | 53.6 |
| 23/06/2008 | 07:30 | EUR | German Services PMI (p) | 53.1 | 53.8 |
| 23/06/2008 | 08:00 | EUR | Services PMI (p) | 50.5 | 50.6 |
| 23/06/2008 | 08:00 | EUR | Manufacturing PMI (p) | 50.2 | 50.5 |
| 23/06/2008 | 08:00 | EUR | German Ifo Business Expectations Index | 96.3 | 97.3 |
| 23/06/2008 | 08:00 | EUR | German Ifo Business Climate Index | 102.5 | 103.5 |
| 23/06/2008 | 20:05 | CAD | Gov Council Member Kennedy Speaks |
