Summary
The negative sentiment continues to affect global stock markets amid the debt crisis in Europe as there are high anticipations that it will hamper economic growth while governments continue to unveil measures into cutting spending and increasing savings as a way to tame deficits
Tomorrow's Events
EUR
06:00
Import Price Index (MoM)
May
.3%
USD
12:30
Annualized GDP
Y
0.2
GDP Price Index
1Q
8.0
7.9
Personal Consumption
1.0
Core PCE (QoQ)
3.5
14:00
Uni. Michigan Confidence (JUN F)
June
75.5
Trading Opportunities
EUR/USD
Despite risk aversion was the name of the game this Thursday, euro managed to regain the upside mid American session, reaching 1.2389 before retreating to current levels; Euro rally was probably triggered by profit taking and short covering in crosses like EUR/GBP, EUR/CHF and EUR/AUD, that reached strong support areas these past two days and failed to break lower.
USD/JPY
Having bounced at the expected 89.20 lows, pair is now slightly bullish according to hourly indicators yet bounce should extend above 89.90 resistance area to erase the bearish momentum in the pair; following US Treasuries, pair could find some relief during current Asian session, despite bigger time frames hold a strong bearish tone. Lose of 89.20 support should trigger further falls towards 88.00 past May lows.