A very quiet day on the fundamental news front which could best be described as the calm before the torrent of economic news, scheduled and unscheduled statements from various financial luminaries and government apparachiks all culminating in the non farm payroll numbers on Friday coupled with the G20 summit in London.    All of this is likely to lead to significant and unpredictable market volatility in all markets and particularly in the euro to dollar pair.

On the economic calendar for today we have a raft minor announcements ranging from German retail sales, Spanish Flash HICP, Belgian CPI but the main focus of attention is a speech by Jean Claude Trichet ECB President who is due to testify on the economy to the European Parliament Committee on Economic and Monetary affairs in Brussels this afternoon.  Traders and market watchers will be waiting for any signal either directly relating to the euro economy or indirectly to the G20 summit.

On such a quiet day (nothing from scheduled from the US) the markets sometimes pick on relatively minor fundamental news events in order to inject some movement which can make trading very tricky.

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