Yesterday’s Trading:

The euro yesterday jumped from a minimum with the dollar from 1.0600 to 1.0656. The rate then fell from the 45th degree to 1.0592 and after trading closed in Europe, the rate renewed to 1.0643. It’s quite difficult to explain such behaviour since there was an unplanned US Fed meeting at 18:30 EET yesterday to discuss US interest rates. Moreover, the oil market was swinging after news came out of Saudi Arabia that the government there is ready to undertake the necessary measures in order to secure price stability on the oil market. The outcome of the US Fed meeting is still unclear.

The US stats disappointed dollar buyers. Housing sales in the US secondary market were down from 5.55 to 5.36 million. The business activity index for the country was also down from 54.1 to 52.6.

Main news of the day (EET):

Market Expectations:

There’s a nice little set of news out today with quite a few speakers ready to let us know what they’re thinking. Don’t forget, this week will be a short one for the US with Thanksgiving set to take place on Thursday. I’m saying that there’ll be a rise of the dollar against the euro.

Technical Analysis:

The euro’s fall has slowed. The daily candle for the euro and pound are showing upturned candles. However, I think that the market isn’t going to turn around immediately and, before heading upwards, the dollar will once again renew minimums against both euro and pound.