by Damian -
This morning’s German trade balance figures came in negative seeing the Euro exchange rate weaken off against the pound by around 20 points currently sitting around 1.2815
Other than that, a relatively quiet day for the Euro rate, with very little data of much significance to come in favoring the Euro.
Yesterday’s German Factory orders came in much weaker than expected, hinting towards the manufacturing activity remaining under pressure.
In the UK this morning we have the Industrial and Manufacturing Production for November expected to come in stronger that last year. Both a good short term indicator for the strength of the economy.
As there is no more Euro data today to back up the weak Euro, slight positive UK data could see an upward movement in the pounds to euros rate.
In the US this afternoon we have Non-farm payrolls for December. This is expected to come in less than previous months! The Dollar is in a good position to gain once again against the Pound and Euro.
Following on from this, we have the US Unemployment Rate once again expected to decrease showing that although strong, the US economy continues to get stronger. How much longer can this go on for?
Euros to US Dollars hovers around 1.1810 Is this the turning point for the euro dollar and the beginning of foreign exchange traders Buying Euros?