The EUR/USD currency pair has been falling this week following economic news releases from within the European Union and the week ahead also promises some interesting investment opportunities too. Our Forex outlook for the week ahead highlights some important financial data releases from the US and the EU that could play a part in a shift in fortunes for the EUR/USD currency pair.
This week traders at ForexYard and other online Forex trading sites saw the EUR/USD slide with various market events creating movement in the currency pair. News from the Irish Government on Thursday regarding the possible cost of bailing out the Anglo Irish Bank plus Spain’s credit rating downgrade saw the dollar climb against its European counterpart. Next week there will be some key events that are worth marking in your diary.
A report by the International Energy Agency (IEA) on Tuesday suggested that the Demand For Oil Is Set To Reach Record Highs across the globe this year as the world recovers from the recent global recession. Energy advisor, IEA claims that crude oil consumption could surpass the current record of 86.5 million barrels per day (bpd).
The correct prediction of the content of this report by the IEA, which showed this increased demand for crude oil has seen commodities traders at broker sites such as HY Markets make healthy profits as the increased demand pushed the price of black gold up and up. The IEA said in its monthly oil market report that the demand for oil globally for the coming year would reach an average of 86.60 million bpd, up from 84.93 million bpd last year.
Forex traders and investors saw the Japanese Yen Suffer At Forex Markets Across The World as the Bank of Japan prepares more inflation curbing actions. The yen fall sharply against the euro and also against higher-yielding currencies such as the Australian and New Zealand dollars during Friday’s trading. The US dollar rallied against the yen as better than expected job figures were released from across the Atlantic.
The Japanese currency has been under enormous pressure recently as inflation for the Asian country’s economy continues to sky-rocket, with the Japanese Government preparing further inflation curbing measures. In turn, this has caused caution among Forex traders at companies such as eToro, with many of the JPY pairs reflecting the market moods.
On Monday the British pound fell to a nine-month-low against the Japanese yen at Forex markets across the globe, including such companies as Finexo. The British Currency Fell As The Possible Hung Parliament Looms, with a recent opinion poll showing the chances of an inconclusive outcome to the upcoming British election, which has to be held within months.
The pound suffered due to the uncertainty surrounding the upcoming UK general election but was also held back by news that Britain could revive its asset buying programme, following a statement made last week by the Bank of England stating that it may take such action should the economic outlook worsen in the future.
