EUR/USD has opened very marginally firmer from where it closed out in North America Wednesday, presently at 1.4730.
An Asian central bank is said to have bought decent amounts overnight, lending some support.
Some interesting euro zone data out today;
08:55 GMT: German unemployment change for October expected +15k, last -12k. Unemployment rate (s.a) expected 8.3% from 8.2%
09:00 GMT: Italian hourly wages for September
10:00 GMT:Euro zone economic confidence for October expected 84.4 from 82.8; business climate indicator expected -1.9; consumer confidence expected -18; industrial confidence expected -22, and services confidence expected -8
10:00 GMT: Italian large company employment for August
Chance of some ECB comments hitting the wires today;
07:30 GMT: Today there is the start of an ECB conference on key developments in monetary economics, at which ECB’s Trichet and Papademos will speak.
10:00 GMT: ECB’s Draghi to speak in Rome
11:10 GMT: ECB’s Weber to participate in discussion on the financial crisis in Berlin
Large 1.4680 expiry in EUR/USD today. Large expiries like this have a tendancy to attract the market, so there is a fair chance, barring any major surprises, that the market will stay within striking distance of said level into the New York cut later today. We’ll see.
European stocks set to open lower.
