With no fundamental news on the economic calendar for the US today the only economic data for release today is in Europe where both of the scheduled items have come in better than expected. The first of these was the French Trade Balance which came out at -2.7bn against a forecast of -3.8bn and the second was the German Factory Orders which came in significantly ahead of forecast at 4.4% against a target of 0.6% and substantially up on last month’s figure of 0.1%. This dramatic increase, the biggest month on month jump in two years, is suggesting that the biggest slump in recent history may be abating. As a leading indicator with the figure coming in so far ahead of forecast it is not surprising that the Euro rallied substantially breaking back above the 1.40 price region once again.
With the G8 meeting now fast approaching and a very busy day tomorrow with a variety of economic data sets we can expect the currency market to begin to pick up some momentum.
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