The primary fundamental news on the economic calendar today for the euro to dollar pair is the release of the FOMC minutes later this afternoon in the US which provide a detailed record of their most recent meeting, which provides an insight into the reasons behind their interest rate decision of last time.  The minutes are released three weeks after the Fed Funds rate is announced and are generally scheduled for 8 times a year.  The item of news also this afternoon in the US is the release of the crude oil inventories which are expected to show yet another increase in the stockpile although analysts are divided as to the extent.  If the EIA figures today follow yesterday’s API data where supplies showed a surprise increase of 6.94 m barrels then once again this will weight heavily on the oil market with the two reports generally having a correlation of .75.   A fall in the oil market is usually dollar positive.

The news in Europe kicked off with German trade balance coming in better than expected at 8.9 bn against a forecast of 7.5 bn which highlights the difference in value between imports and exports and this was followed by the French trade balance which came in virtually on target at -4.1bn.  The final items on this morning’s calendar were German factory orders which which came in worse than expected at -.35% versus a forecast of -2.4%.  Whilst worse than expected they were not nearly as bad as last month’s which recorded a value of -6.7%.

You can keep up to date with all the latest fundamental news, latest currency news and live currency charts by simply following the links, and if you are looking for a good ECN broker again just click the appropriate link.  Remember also that many markets are closed at the end of this week for various national holidays.