With no fundamental news on the economic calendar as far as Europe is concerned for today, the focus for the euro to dollar pair will be in the US later this afternoon where we have yet another speech by Treasury Geithner (more anodyne ramblings no doubt) followed shortly after by the HPI data and crude oil inventories (estimates are in the oil blog).  As a footnote tomorrow and Friday are extremely busy in Europe with several items of major fundamental news and as a result we should see some volatility enter the currency market for the euro to dollar.

As far as this afternoon is concerned Timothy Geithner is due to address the Economic Club on his efforts to address the global recession and audience questions are expected following his dissertation.  The market will be watching both his prepared statement and unscripted answers.  The HPI data measures the change in the purchase price of homes with mortgages backed by Fannie Mae and Freddie Mac and the forecast is for a decline of 0.7% as opposed to a small increase the last time of 1.7%, the first reversal after a year long decline.

Finally we have the crude oil inventories which once again will have a greater impact on the usd to cad pair.  Once again analysts are expecting an increase in the stockpile but a decrease in the finished products.

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