The EUR/USD fluctuated heavily on Thursday with a surprise ECB decision, G20 summit and ongoing developments in Greece that kept markets mixed all day.
Investors saw the ECB decision to offer support to the faltering recovery and the focus on hopes that Greece might scrap the referendum offset any downside pressure of the move.
Into Friday investors eye the developments mainly in Greece where news that Papandreou might resign or that he will not find backing in the confidence vote all was positive as it means the referendum will fall. Some news reports even suggested that the referendum will be called off once the opposition agrees to support the new bailout.
The confirmed final news from Greece will have the effect on market, as the return to the bailout deal that was provided by the EU leaders will as far as the opposition back the new bailout the referendum will be canceled thought the outlook for the Greek government survival is still in question pending the confidence vote that is still scheduled to be held on Friday.
Germany will start the day at 07:55 GMT with the final reading of the PMI services indicator for October, where the indicator is expected to linger at 52.1.
The euro area will join the session at 09:00 GMT with the final reading of the PMI composite and service for October, where the composite indicator previous reading was 47.2, while the PMI services is projected unchanged at 47.2.
At 10:00 GMT the euro zone will provide the monthly and annual PPI indexes for September, with expectations that the monthly index could have expanded by0.3% from the previous drop of 0.1%, while the annual index is expected lower at 5.8% from 5.9%.
At 11:00 GMT Germany will release the Factory orders index for September, where the annual non-seasonally adjusted index is expected to improve by 7.9% from 3.9%, while the seasonally adjusted monthly index is predicted steady from a 1.4% previous drop.
At 12:30 GMT the United States will join the session with the monthly jobs report for October, where the change in nonfarm payrolls is expected at 100 thousand new jobs from 103 thousands in September. In addition, the unemployment rate is expected unchanged at 9.1%.
