The fundamental news on the economic calendar for the euro to dollar began early this morning with 2 pieces of minor news released in Germany, namely the final CPI and WPI data both of which came in virtually on target at 0% and 0.1% respectively.  This was followed by another minor item of news, the French Government Budget Balance which represents the difference in value between the central government’s income and its spending for the year to date with a positive number indicating a surplus and a negative number a deficit.  The actual figure was -43.7bn significantly higher than last time at -29.9bn.  This afternoon the attention switches to the US where we have the trade balance figures which represent the difference in value between imports and exports during the reported month.  With a positive number indicating more goods were exported than imported.  The forecast is for -29.2bn, against a previous of -26.0bn and should the number come in worse than expected then we could see additional US dollar weakness on the news.  Finally in the evening we have the release  by the Department of Treasury of the Federal Budge Balance which as from France is the difference in value between income and spending by the government.  This is forecast to show a huge narrowing of the gap from -192bn to -21bn, which if correct signals one of two things – either the government has massively reduced its spending or massively increased its income.

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