Forex: EUR/USD – Euro firming against dollar

on Jul 8, 2013
Listen Monday, July 8th: Demand for the euro has been increasing today after release of European updates. The pair has recovered ground lost on Friday, climbing to 1.2860.

The euro has so far been little impacted by the news of Germany’s smaller-than-expected trade surplus of €14.1 billion in May, with exports down by 4.8 percent on an annual basis and imports off by 2.6 percent.
The Sentix investor confidence index came out lower than expectations at -12.6 for the month of June, missing the consensus at -10.0 and lower than May’s -11.6.

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German industrial production figures, due out about now (11:00 BST), could influence the pair.
European Central Bank president Mario Draghi is due to appear before the committee on Economic and Monetary Affairs of the European Parliament, in Brussels from 15:30 BST.
Last week, demand for the euro softened when the ECB decided to keep its interest rate and asset purchases unchanged.
The only US update scheduled for today is consumer credit change for May, due out at 20:00 BST.


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