The EUR essentially woke up on Tuesday morning and fell out of bed. The stability that the Single Currency has enjoyed the past couple of weeks has disappeared this week as caution has once again turned into a palpable weariness concerning Sovereign Debt, banking liquidity, austerity measures and their affect on possible growth for the European Union. Greece which was the first lynchpin in the Sovereign Debt saga has now been pushed largely to the side as Spain has come under an increasingly hot spotlight. There was no major economic data yesterday and today the German Unemployment Change figures and the broad CPI Flash Estimate for the E.U. will be released. Tomorrow the Final Manufacturing PMI will be published. However the focal point for both investors and traders will remain the financial crisis that Europe is battling and this will continue to play out via news leaks, official pronouncements, and the occasional government intervention. As of yet investors have still not been given an antidote that will ease their concerns completely. The question for the EUR going into today’s trading session will be how any tests of its ranges will play out as the day progresses.
Written by bforex.com
