The mood was postive as Wall street closed in the green yesterday, Asia took the positive handover this morning as well. Thursday is Thanksgiving day in the US so expect lower volumes at some stage.
The euro saw a steep decline yesterday as news of a failed formation of government in German hit the wires. This politcal crisis in Europe’s largest economy has left its toll on the single currency.
EURUSD hits lows of 1.1722 throughout yesterday’s session after opening at 1.1785. Realtimeforex.com’s TraderTip sees more bearish potential could be on the way for the euro today with an expected test of the 1.17 level especially while 1.1755/1.1771 resist.
In the meantime the USD managed to capitalize on the losses of the euro and as the limelight shifted to Germany. The US dollar index, an index measuring the strength of the US Dollar against a basket of currencies, experienced a positive session for the buck yesterday.
The US Dollar was also stronger against the JPY, moving up to 112.71, throughout yesterday’s session.
On today’s economic docket we have UK Public Sector Net Borrowing, US Chicago Fed National Activity Index and existing Home Sales.
