Fed Bullard has also come out on a separate matter that could help to bolster the USD after saying that the discount rate could go up in the near future as the Fed prepares its exit from liquidity programs. Nobel Prize economist Stiglitz is generating some attention on the Greek crisis after saying that Europe should teach a lesson to speculators that have been aggressively selling the Euro by coming out and intervening to shake things up a bit. Elsewhere, according to some local sources, China Power International Development has denied earlier reports that it had signed a coal supply deal with Australia’s Resourcehouse.
Looking ahead, German trade balance (EUR 15B expected) is dues at 7:00GMT, along with German current account (EUR 19.1B expected), German imports (3.0% expected) and exports (-0.1% expected), and German CPI (-0.6% expected). UK trade balance (-6700) then caps things off at 9:30GMT. US equity futures are mildly bid, while commodities trade mixed with oil lower and gold slightly higher. Kiwi is the strongest major currency on the day, while the Yen lags.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
If you wish to receive Joel's reports in a more timely fashion, e-mail jskruger@fxcm.com and you will be added to the "distribution" list.
If you wish to discus this topic or any other feel free to visit our Forum page
DailyFX provides forex news on the economic reports and political events that influence the currency market.
Learn currency trading with a free practice account and charts from FXCM.
