A very crowded economic calendar for fundamental news pertinent to the euro to dollar pair and it is particularly busy tomorrow, Tuesday 24th March, with a raft of economic announcements.  The week kicks off with the trade balance figures due out in Europe shortly but these are normally a minor indicator and unlikely to have any major impact on the euro to dollar pair.  The forecast is for -1.9 bn against a previous of -0.3 bn so the market is expecting a worsening of market conditions.  The figure represents the difference between imported and exported goods from Europe during the previous.  If the actual is better than forecast then this may be seen as good news for the euro (should any more be needed!!).

The focus this afternoon is in the US and starts with Secretary Timothy Geithner speaking about a plan for the government to relieve the banks of their so called “toxic assets” – obviously looking for some mug punters who have been living hermit like in caves for past 18 months!  Needless to say any plan will almost certainly involve printing yet more money which is likely to weaken the US dollar further.   A good place to gauge market sentiment for the dollar is the dollar index and at the moment the chart is decidedly bearish.

Later in the morning we have the existing home sales figures which are forecast to come in at 4.45 million against a previous of 4.49 million with the data showing the number of homes sales during the previous month.  This is generally considered a leading indicator of the economy and if the actual numbers are better than forecast then this could be positive for the US dollar.  The day rounds off with yet another speech from Treasury Secretary Geithner who is meeting with Australian Prime Minister, Kevin Rudd and French Finance Minister, Christine Lagarde at the Future of Finance Initiative Conference.

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