Market Notes:
After ECB Chief Trichet surprising leaving a central bank conference in Australia early to attend and ECB meeting, the rumors on the forex market imply that the ECB will assist the Greece’s debt situation. The market hasn’t reacted to the rumor since the short positions against the EUR are at record levels.
Certainly the EUR appears to find fewer obstacles on the way down of late but, with positions too far loaded in one direction, traders are always keen to test the pain threshold of position holders and the risk of a stronger correction may be increasing.
Since there are no important fundamental releases today, any ECB announcement will have a major impact on the market.
Daily Trends & Charts
Watch the Fundamentals!(GMT time)
Yesterday
Swiss Unemployment Rate: 4.1% vs. 4.3% exp.
Swiss Retail Sales: 4.7% vs. 1.3% exp.
Canadian Housing Starts: 186K vs. 180K.
TODAY
UK Trade Balance at 09:30
Tomorrow
Australian Home Loans at 00:30.
Chinese Trade Balance.
UK Manufacturing Production at 09:30.
UK BOE Inflation Report at 10:30.
Canadian Trade Balance at 13:30.
US Trade Balance at 13:30.
Fed Chairman Bernanke Testifies at 15:00.
Good Day!!!
“Trends for today” is presented by Danny Spivak
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Written by Finexo.com