By FX Empire.com
The EUR/USD fluctuated on Tuesday in cautious trading, yet mainly was biased to the upside on eased jitters and a needed relief for the pair.
The correctional movements were generally seen across the board as investors saw the confirmed steady rating for the U.S. and the ongoing efforts in Europe to contain the crisis as some room for relief, not on good news, yet on the lack of major downbeat news.
The outlook has not changed dramatically yet we can see caution across the board on the needed correction, where the debt crisis is ongoing and Spain short-term bills auction on Tuesday resembled the headwinds with record yields.
Investors are holding their horses and await some comments from the meetings in Brussels and Monti and Papademos meet European officials on Tuesday with hope for remarks to be seen my Wednesday.
Germany will start the session at 08:30 GMT with the PMI manufacturing and service for November in an advanced reading, where the PMI manufacturing is expected to decline further to 48.4 from 49.1, while the PMI services could have slipped to 50.0 from 50.6.
At 09:00 GMT the euro zone will join the session with the PMI Composite for November in an advanced reading, as the PMI composite is expected to contract further reaching 46.2 from 46.5, while the PMI manufacturing could have contracted further to 46.5 from 47.1, in the time the PMI service is expected lower at 46.0 from 46.4.
At 10:00 GMT the euro zone will provide the industrial new orders figures for September, where the non-seasonally adjusted annual index could have expanded by 8.0% from 6.2%, while the seasonally adjusted monthly index could have dropped by 2.6% from 1.9%.
At 13:30 GMT the United States will join the session with the durable goods figures for October, where durable goods orders could have fallen 1.0% from the previous drop of 0.8%, while durable goods excluding transportation index is expected unchanged, noting that the previous expansion was 1.7%.
The United States will also release the income report at 13:30 GMT, with expectations that the personal income index could have improved 0.3% from 0.1%, while the personal spending index could have expanded by 0.3% from 0.6%. Furthermore, the annual PCE Deflator could have expanded by 2.7% from 2.9%, while the monthly PCE core could have improved 0.1% from the previous zero expansion, in the time the annual PCE core is expected higher at 1.7% from 1.6%.
In addition, the United States will provide markets with the initial jobless claims figure for the 19th of November, where the number of claims could have eased to 385 thousands from 388 thousand.
At 14:55 GMT the United States will end the session with University of Michigan confidence for November in a final reading, where the confidence could have improved slightly to 64.5 from 64.2.
Originally posted here
