EUR/USD sits at 1.4920, markedly lower overnight, with heightened risk aversion to the fore. The situation surrounding Dubai debt issues continues to impact global financial markets, with Asian stockmarkets getting hit hard. Against this backdrop the yen and U.S. dollar are the big beneficiaries in the currency markets.
Euro zone data for today
German import price index for October expected +0.4% m/m, -7.8% y/y
Euro zone Ifo business climate survey by industry for November
07;45 GMT: French consumer confidence indicator for November expected unchanged at -35
09:00 GMT: Italian large company employment for September n.s.a
09:00 GMT: Italian hourly wages for October expected +0.2% m/m, +3.2% y/y
10:00 GMT: Euro zone economic confidence for November expected 88.0 from 86.2; business confidence -1.65 from -1.78; consumer confidence -19 from -21; services confidence -6.0 from -7.0
European stockmarkets are set to open lower and could be in for a wild and wooly ride again, which leaves EUR/USD vulnerable .
Initial technical support 1.4900/05, resistance at 1.4950.
