By FXEmpire.com
Analysis and Recommendations:
The EUR/USD has broken and ended the day below the 1.30 price level, trading at 1.2954 with continued weakness.
There is a three ring circus in the eurozone, now moving to the main event, is Spain with bank bailouts and borrowing costs soaring. To stage right, we find the new French President Hollande in a match against austerity maiden Merkel from Germany and in stage left, we find the Greek’s dancing and cheering as their political leaders look like world class clowns.
Greece cannot form a government, word of them leaving the eurozone, becomes more possible and more desirable, as the public outcries against austerity measures become louder.
Chancellor Merkel continues to try to make nice with President elect Hollande, but they are from two completely different ideologies. The eurozone is in an uproar.
Just in time to watch the US drift into their annual spring stall and as the dollar soars, down go the commodities, with gold trading under 1595.00 and crude oil becoming a glut on the world markets and falling to 96.53.
We warned you in yesterday’s report with virtually no eco data, news services and the press would be looking into elections, politics and bailouts.
Upcoming Economic Events that affect the CHF, EUR, GBP and USD
|
May 10 |
08:30 |
EUR |
Dutch CPI (YoY) |
2.40% |
2.50% |
|
09:00 |
EUR |
ECB Monthly Report |
|||
|
09:30 |
GBP |
Industrial Production (MoM) |
-0.3% |
0.4% |
|
|
09:30 |
GBP |
Manufacturing Production (MoM) |
0.5% |
-1.0% |
|
|
09:30 |
GBP |
Trade Balance |
-9.6B |
-8.8B |
|
|
12:00 |
GBP |
Interest Rate Decision |
0.50% |
0.50% |
|
|
12:00 |
GBP |
BOE QE Total |
325B |
325B |
|
|
13:30 |
USD |
IImport Price Index (MoM) |
-0.2% |
1.3% |
|
|
13:30 |
USD |
Trade Balance |
-50.0B |
-46.0B |
|
|
13:30 |
USD |
Initial Jobless Claims |
369K |
365K |
|
|
13:30 |
USD |
Continuing Jobless Claims |
3278K |
3276K |
|
|
14:30 |
USD |
Fed Chairman Bernanke Speaks |
|||
|
15:00 |
GBP |
NIESR GDP Estimate |
0.1% |
||
|
19:00 |
USD |
Federal Budget Balance |
30.0B |
-198.2B |
|
|
May 11 |
00:01 |
GBP |
Nationwide Consumer Confidence |
53 |
|
|
07:00 |
EUR |
German CPI (MoM) |
0.1% |
0.1% |
|
|
09:30 |
GBP |
PPI Input (MoM) |
-1.0% |
1.9% |
|
|
10:00 |
EUR |
Portuguese CPI (MoM) |
1.20% |
||
|
13:30 |
USD |
Core PPI (MoM) |
0.3% |
||
|
13:30 |
USD |
PPI (MoM) |
0.0% |
||
|
14:55 |
USD |
Michigan Consumer Sentiment |
76.4 |
Government Bond Auctions (this week)
Date Time Country
May 10 15:00 US
May 10 17:00 US
May 11 09:10 Italy BOT auction
May 11 10:00 Belgium
Click here a current EUR/USD Chart.
Originally posted here
