EUR/USD fell to 1.0655 earlier following the release of the German Producer Price Index (MoM). The index, which measures the change in the price of goods sold by manufacturers, came lower (0.1%) than expectations. Traders should focus on the European Currency Account data and the EU Economic Summit. European officials are to discuss the Greek debt crisis and whether new bailout would be introduced. In the long term, the currency pair could weaken due to the stimulus program introduced by the European Central Bank. The program, which includes massive asset purchases, has a bearish impact on the euro and may weaken the currency pair.
AUD/USD rose to 0.7693 earlier following Reserve Bank of Australia Governor Steven’s speech. Stevens said that the economic recovery in the U.S. has a positive impact on Australia and added that the Australia’s current interest rates do not restrict economic growth. The AUD/USD reached its lowest level since 2009 earlier this month. The currency pair may weaken in the long term due to the looming interest rate hike in the U.S. The Federal Reserve opened the door for interest rate hikes by removing the word “patience” from its policy statement. This could strengthen the U.S. dollar and have a bearish impact on the currency pair. Traders should focus on FOMC Member Dennis Lockhart’s speech later today. Lockhart may indicate when U.S. interest rates would increase.
Oil is traded at 45.30 after having reached its lowest level (42.01) since March 2009 on Thursday. The prospect of an agreement between the West and Iran means that prices could decline in the long run. Such agreement would allow Iran to export approximately a million barrels per day. Also, the price of the commodity could decline due to the massive supplies by OPEC members. U.S. oil production rose significantly while Saudi Arabia oversupplies the market.
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