EURUSD Update July 26th, 2012

The Euro and the U.S. Dollar, what else is there that we could talk about today?

News, news, and more news has been released concerning the Euro and the USD this Thursday. Today at 5:30am ECB (European Central Bank) President Mario Draghi spoke.
It was a hard-hitting blow to the Euro bears. Today the Euro is pummeling the dollar. Mr. Draghi said: “Within our mandate, the ECB is ready to do whatever it takes to preserve the euro. And believe me, it will be enough.” This statement of confidence and hope is music to Europe’s ears and sent the Euro shooting upward. The Euro was very bullish against the U.S. Dollar and Japanese Yen today.
[column size=”1-2″ last=”0″ style=”1″] Following Euro news today, the USD Core Durable Goods Orders were released as lower than expected.
Unemployment on the hand, was positive news with a bullish deviation of 28K. Unemployment Claims this week were at 353K while expected to be 381K. Not long after, the Pending Home Sales indicator was delivered at negative 1.4 percent brigning the figure to 99.3. [/column]

[column size=”1-2″ last=”1″ style=”2″]

Monday the Spanish Gross Domestic Product (GDP) figures will be released. Being the primary indicator of economic activity, this should definitely cause some volatility for the Euro. Later into the day Monday, Italian 10-year Bond Auction figures will also be released.
The excitement continues!

Written By: Tony College

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