EUR/USDUSD/JPYGBP/USDUSD/CHF
1.32997.851.57451.2235
Resistance1.31197.41.57051.2175
1.30896.71.55351.2075
1.280594.61.53451.183
Support1.25793.551.5311.1765
1.243592.51.5181.1715

A stream of gloomy economic news this morning will make it hard for the stock markets to hold their latest gains. Renewed worries about a deepening economic recession revived some safe-haven flows into the greenback during the early morning. The euro rebounded later as the European stocks open on the positive side. "The market is trying to find out whether the dollar will shift to a falling trend or not, after seeing it gain on the theme of risk aversion," said Kengo Suzuki, a currency strategist at Shinko Securities. The dollar was trading around the levels of 1.2915 vs. the euro, 95.15 against the yen at 09:05 (GMT).

Earlier this week the euro had rebounded above $1.30, recovering from a 2-1/2-year low of $1.2329 hit in late October. Major currencies were little moved by a series of attacks in India's financial capital Mumbai which killed at least 80 people, traders said. The correction of the euro might extend toward the level of 1.33 but eyes will be focused on the ECB meeting at December 4th. Economics predict that due to the fall in inflation pressure on the back of worsening economic growth the rates might be lowered 0.5% to the level of 2.75%.

The US markets will be close today hence lower volumes are expected. This morning we will get data from Europe biggest economy when Germany will release employment figures at 08:45(GMT). ECB president Trichet will speak at 15:30 (GMT).

Pie Chart


Today's Economic Events

Time Event Currency Period Previous Forecast Significance
23:50Retail Sales y/yJPYNov-0.30%-0.90%2
23:30Unemployment RateJPYNov4.00%4.20%2
23:15Manufacturing PMIJPYNov42.21
15:30ECB President Trichet SpeaksEUR2
10:00Consumer ConfidenceEURNov-24-251
9:45Building Consents m/mNZD8.40%3
9:00M3 Money Supply y/yEUROct8.60%8.10%2
8:55Unemployment RateEURNov-4.0K-26.0K2