FOREXYARD: Forex News Blog | |
| Posted: 19 Oct 2010 02:11 AM PDT
The euro has been trading down somewhat against a number of its rivals due to anticipation for today's news releases. It appears the euro zone is publishing a series of data reports today which could carry a high impact on the 16-nation single currency. Here is a round-up of today's events: 9:00 GMT: EUR – German ZEW Economic Sentiment - Confidence in the euro zone's largest economy has been declining steadily, and today's expectations are for another drop in the ZEW to a reading around -7.0. The euro has also been experiencing mixed results against a number of its currency rivals. If this data comes in line with forecasts, or even more negative, the EUR could face some heavy downward pressure. 13:00 GMT: CAD – BOC Overnight Rate - With the Canadian dollar in decline against most of its currency rivals, there seems to be less concern about a rise in Canadian interest rates by the Bank of Canada (BOC). Expectations are for the BOC to keep rates steady at 1.00%. A weaker loonie helps Canadian exports and is looked upon favorably in this economic climate. Traders shouldn't expect any major monetary changes so long as the CAD is in decline. |
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