Structural problems in Europe has started working. The French statistics agency INSEE revealed the forecast for a 0.1% drop in GDP and the rise of unemployment rate from 10.8% to 11.1%.
In Greece, the government was shaken as the Democratic Left, the smaller of Samaras’s two coalition partners, withdrew its ministers. Now there are two scenarios: to form new government out of the rest of New Democracy and PA.SO.K or to hold new elections.
Current Account in the eurozone in April surpassed the expectations (19.5 billion euros vs. 15.1 billion euros), however, it was worse than figures from March when it was 25.9 billion euros. As the result the euro lost 98 points.
Today at 12:00 GMT+4 Ifo Business Climate Index in Germany in June is published, forecast 106.0 vs. 105.7 in May. There is no relevant data on The US today. On Tuesday data on Durable Goods Orders and Consumer Confidence are expected to be weak. Today we expect the upward correction and tomorrow we expect the euro will continue sliding down.
Technically, the correction may be regarded as local rebound from trend line on the daily chart. The growth is expected to the range 1.3160/70 (the low of June 20, resistance of green trend line on the H4).
The material has been provided by InstaForex Company – www.instaforex.com
Structural problems in Europe has started working. The French statistics agency INSEE revealed the forecast for a 0.1% drop in GDP and the rise of unemployment rate from 10.8% to 11.1%.
In Greece, the government was shaken as the Democratic Left, the smaller of Samaras’s two coalition partners, withdrew its ministers. Now there are two scenarios: to form new government out of the rest of New Democracy and PA.SO.K or to hold new elections.
Current Account in the eurozone in April surpassed the expectations (19.5 billion euros vs. 15.1 billion euros), however, it was worse than figures from March when it was 25.9 billion euros. As the result the euro lost 98 points.
Today at 12:00 GMT+4 Ifo Business Climate Index in Germany in June is published, forecast 106.0 vs. 105.7 in May. There is no relevant data on The US today. On Tuesday data on Durable Goods Orders and Consumer Confidence are expected to be weak. Today we expect the upward correction and tomorrow we expect the euro will continue sliding down.
Technically, the correction may be regarded as local rebound from trend line on the daily chart. The growth is expected to the range 1.3160/70 (the low of June 20, resistance of green trend line on the H4).
The material has been provided by InstaForex Company – www.instaforex.com
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