FOREXYARD: Forex News Blog | |
| Euro Dips Ahead of Minimum Bid Rate Posted: 11 Jan 2012 08:40 AM PST
Negative comments by a top credit agency turned the euro bearish today, following several days of upward movement. The comments served as a warning to any trader who thought that the currency could maintain its bullish momentum. The EUR/USD once again dropped toward a 16-month low as investors reverted their funds back to safe-haven currencies. Tomorrow’s batch of European news is forecasted to influence the market-place. The European Central Bank’s interest rate decision and subsequent press conference is expected to generate heavy market volatility. Additionally, euro-zone debt auctions scheduled to close out the week will illustrate just how bad the current euro-zone crisis actually is. Traders should note that unless the debt auctions go smoothly, the euro is unlikely to stage any kind of meaningful recovery before the end of the week. With market sentiment overwhelmingly against the euro at the moment, it would take substantially good news to turn the currency bullish. |
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