Once again today, trading in the euro to dollar will be dominated by the second day of testimony for FED Chairman Ben Bernanke as he completes the mid year summary on the US economy and monetary policy report before the Senate Banking Committee, in Washington DC, later this afternoon. This is the centre piece of the fundamental news on the economic calendar for today for the euro dollar, and which will once again cause increased volatility and nervousness in the markets as his statements and comments are analysed for any clues as to future policy from the FED, with yesterday’s statement providing a modicum of support for the US dollar.

Moving to other items of fundamental news for today, this morning in Europe so far we have seem French consumer spending rise, with the figures coming in at 1.4% against a forecast of 0.4%, and therefore showing significant improvement from last time which reported at -0.2% month on month. In stark contrast to this good news story, the Industrial New Orders data came in far worse than expected at -0.2% against a forecast of 1.9%, so altogether a mixed picture for Europe so far today. We now wait for Bernanke later today, along with the HPI housing data, and oil inventories, which whilst important will be overshadowed by the FED Chairman once again.

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