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| Political Uncertainty May Weigh Down on EUR Posted: 04 May 2012 03:34 AM PDT
The euro took mild losses against its main currency rivals ahead of today’s highly significant US Non-Farm Payrolls report. The EUR/USD fell over 20 pips to 1.3125 during morning trading, while the EUR/JPY dropped as low as 105.20. The euro may be able to reverse its bearish trend before markets close for the week if today’s Non-Farm statistic comes in below the expected 170K. That being said, analysts are quick to warn that with elections in France and Greece this weekend, any gains the common currency makes could be temporary. Opposition parties are expected to take power in both countries, which may lead to a conflict with other euro-zone countries regarding recent austerity measures in the region. Traders will want to pay attention to the results of the elections, which are scheduled to be released before markets open on Sunday night. Should any signs of a disagreement between either France or Greece and other euro-zone countries come about, the euro could start off next week’s session on a bearish note. |
| Posted: 04 May 2012 01:09 AM PDT
The US dollar saw very little movement during overnight trading as investors eagerly anticipate the outcome of today's US Non-Farm Payrolls figure. Crude oil continued to fall during the Asian session, as poor fundamental indicators out of the euro-zone and an increase in US stockpiles weighed down on the commodity. Main News for Today US Non-Farm Employment Change-12:30 GMT o Largely considered the most important indicator on the forex calendar Next Week Euro-Zone Elections 6.5.12 o Elections in both Greece and France are forecasted to generate volatility in the marketplace |
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