Monday morning, Spanish unemployment change was released at it’s highest level since early 2012. Along with this, we saw 2-month-lows hit by the EUR/USD today.
Tuesday morning, the Spanish Services PMI will be released at 3:15 am according to Forex Factory. Services reached 40.2 in September which was the lowest since last November. Forecasts for Tuesday expect the rate to stay at 40.2 but, we could see some volatility if it hits a new low.
Also for Tuesday, let’s not forget the obvious, U.S. Presidential Elections are taking place. You can find my thoughts on the election by clicking this link.
Recently we have seen incredible U.S. news. Building Permits are at a four year high, the unemployment rate is the lowest in approximately four years at 7.8%, and consumer sentiment is at it’s highest since 2007. On top of that, jobless claims are decent, durable good orders had a 9.9% jump in September, and retail sales are picking up. As the market digests this news and the election information, I think the U.S. Dollar has a good chance of being bullish this quarter. The Fed’s policy and QE3 are a key aspect to the current economic forecast. If Mitt Romney is elected, who is opposed to QE3, we could see some monetary policy changes and challenges in the near future.
Tomorrow, you will want to be very careful trading as volatility could be significant. With all of the mixed opinions and perceptions, chances are, the Dollar will be volatile whether Romney or Obama wins.
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