The impact of Bernanke's speech still remains, as well as the tendency to reduce short euro positions, which continues to trade above the support level of 1.3280. A lack of fresh negative impact from the Eurozone contributes to this fact. Meanwhile, in Spain there will be a general strike against the the austerity measures adoption designed to reduce expenses and thus, relieve the pressure of the debt burden. This event is a reminder, that Spain following Greece may apply for the financial assistance, which will somewhat temper the current optimism regarding the euro.
Planned for today:
11:55 — Germany. Unemployment Rate (sa);
11:55 — Germany. Unemployment Change (000's);
13:00 — Eurozone. Euro-Zone Consumer Confidence;
16:30 — USA. Initial Jobless Claims;
16:30 — USA. GDP Price Index;
16:30 — USA. GDP (QoQ) (Annualized);
16:30 — Canada. Raw Materials Price Index (MoM).
Strong statistical data regarding Germany and the Eurozone are able to support the euro, but they will not manage to change the mood against the single currency (if it "messes up" under the influence of some factors).
After Bernanke's speech, the U.S. macroeconomic statistics is of particular interest to the market, including the Jobless Claims data. The number of claims reduction will be able to weaken the newly arising QE3 expectations to some extent, which will be benefitial for the U.S. dollar, particularly against the Japanese yen and gold.
In addition, Italy will hold an auction, where it plans to sell bonds as much as 8.25 billion euros. Their weak demand and outcome growth would undermine the optimism regarding the euro and return the ghost of debt crisis to the financial markets.