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The Week of Euro |
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FOREX Fundamental Analysis |
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| Author: Adam Wang |
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This week could be the week of EURO. European currencies, especially EURO might be able to catch some breath from last week Greenback upbeat movement. From last Wednesday, May 16th to Friday, the 18th, Dollar gained 245 pips against Euro. During U.S. trading time on last Friday, China “surprising” announcement of increasing Trading Band of its currency YUAN a.k.a RMB triggered the dollar sell off. EURO moved 55 pips or 38.2% against dollar. Will this move continue in this week?
PNXFOREX believe Euro will continue to strengthen against dollar in the week of May 20th, 2007. On Tuesday, economic sentiment from both German and EU are expecting to be improved by 5 and 3.8. More over, German Business Climate, Business Expectation indexes and Consumer Confidence are also anticipated to show modest improvement. Cross the Atlantic, U.S. is awaiting for further indication(s) of showing its economic slow down. Unemployment Claim is expecting to grow from 293K to 305K and most importantly the consensus on Durable Goods Order express the general concern of overall potential U.S. economic growth halt. It the actual data release inline with the consensus will code with the 1st quarter disappointing U.S. GDP data which will add heavier burden on the Greenback.
Although this weekly review focuses on Euro and Dollar, here PNXFOREX would like to briefly go over Japanese Yen. Yen could make some unexpected move this week which will highly depend on Bank of Japan Interest Rate decision. Japan has not yet gotten out of deflation phrase but probability on BOJ rate hike is moving higher after Japanese Office’s interest rate comment last week.
Fundamentally speaking, this week EURO is likely to ride on the Bull and Greenback could be chased by a Bear.
About Author
Chief Currency Strategist
PNXFOREX
http://www.pnxforex.com
Article Source:
http://www.1888articles.com
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