The Bernanke circus has now rolled out of town, with very little reaction to the two days of testimony, which was disappointing in many ways, as the sideways congestion and consolidation of the euro to dollar pair now look set to continue through the summer lull, as traders and investors lose interest in thin market conditions. Today we are back on the road with the usual round of fundamental news on the economic calendar, starting with the European current account figures which have just been released, coming in better than expected at -1.2B against a forecast of -3.6B, but which has done little to provide any impetus to the euro this morning so far. At the same time we have the Italian retail sales, and even they have thrown in the towel and stopped shopping ( very unusual for us!!) coming in with a flat performance at 0.0% against a forecast of 0.2%, so worse than expected. The only item of fundamental news for Europe come later in the day with the release of the NBB business climate figures, a composite index based on a survey of manufacturers, builders, services and trade-related firms which then provide a view of the economy – any number below 0 indicates a worsening picture whilst a figure above suggests one that is improving – the number for this afternoon is forecast at -21.6 against a previous -23.6, so a slightly improving picture overall if this is met.

For the US market, we have two important numbers up later today, the first of which is the weekly Unemployment claims, and the second being Existing Home Sales. The first of these is forecast at 551,000 against a previous of 522,000, so figures would seem to be worsening, with the second forecast at 4.82M against a previous of 4.77M, which in contrast would seem to be improving, assuming the numbers are achieved. Whilst both these key items of news are keenly watched, it is the first that is likely to have the greater impact on the euro to dollar today.

You can keep up to date with all the latest fundamental news on the economic calendar, latest currency news and live currency charts by simply following the links.  I have also included details on an excellent ECN broker.