November 7, 2012
For the first time in 4 days, EUR/USD was able to post a winner. The pair, which started the day at 1.2790, closed the day 27 pips higher at 1.2817. Sure, the gains weren’t as big as the losses the pair incurred last week, but a win is a win.
Generally speaking, the markets were steady. Traders seemed to be in wait-and-see mode as they sat on the sidelines ahead of the results of the U.S. elections.
Economic data releases were pretty tame, too. The Spanish Services PMI came in slightly better than the previous reading at 41.2. The Italian Services PMI also showed improvement as it climbed to 46.0 from 44.5.
The only “bad” news from euro zone yesterday was the disappointing German Factory Orders report. It came in at -3.3%, much lower than the -0.3% forecast and the previous month’s -0.8% (revised up from -1.3%)
Today, we’ve got two important reports due. The first one, euro zone’s retail sales report, will publish at 10:00 am GMT. It’s projected show a flat reading after the month prior’s 0.1% gain. The second one is Germany’s Industrial Production report. The consensus for that one is -0.4%.
"The only cable I watch is the pound baby."