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Euro Dollar – 4th May 2009

With a national holiday in both the UK and Japan markets can best be described as thin and this is reflected in the absence of any meaningful fundamental news on the economic calendar for the euro to dollar today.  Today is the lull before the storm with ADP figures on Wednesday, interest rate announcements for both Europe and UK on Thursday and, of course, non farm payroll on Friday which should get the markets moving this week.

The only items for today are German retail sales which came in worse than expected at -1.0% against a forecast of 0%, helping to push the euro back from its morning high, final manufacturing PMI which came in on target at 36.8, and Sentix Investor Confidence which came out substantially worse than expected at -34.3 against a forecast of -27.8, a more pessimistic picture seems to be prevailing in Europe once again and somewhat at odds with some of last week’s figures.  This contradiction and uncertainity simply means that we are in for a period of volatility across all market.

In the US the only substantial item of news is pending home sales which are forecast to show a fall from last time from 2.1% down to 0.1% .  This data measures the change in the number of homes due to be completed and excludes new build housing.

You can keep up to date with all the latest fundamental news, latest currency news and live currency charts by simply following the links.  In addition I have provided details of an excellent ECN broker.