USD fights back from a two-week low against the euro ahead of a German investor confidence report forecasted to show a decline for a second month.

  • The EURUSD climbed over 150 pips to a high of 1.5020, the highest level since October 26, after the G-20 ministers pledged to keep interest rates low and maintain record budget deficits until economic recoveries takes hold.  However, today's downward forecast on Germany's investor confidence data has given room for some USD and JPY strength.
  • The ZEW Center for European Economic Research in Mannheim will say its index of investor and analyst expectations dropped to 55 in November from 56 in October.  ZEW releases the report, which aims to predict developments six month ahead, at 10:00 GMT today.
  • The Dollar Index, which is used to track the greenback against the currencies of six major US trading partners, fell to 74.930 yesterday, the lowest level since August 2008.
  • Gold traded up 0.1% late in the Asian session to $1102.60 an ounce after climbing to an intraday record of $1111.15.  Crude oil was steady around $79 a barrel after trading higher into the $80s on USD weakness and concerns over possible damage to the Gulf of Mexico production facilities from Tropical Storm Ida.

Currency to watch out for: EURUSD & GBPUSD

  • The EURUSD pivot point is at 1.4915 with a preference to enter into long positions at 1.4925
  • The GBPUSD pivot point is at 1.6575 with a preference to enter into long positions at 1.6585

Today's calendar and market movers:

  • German ZEW Economic Sentiment expected to fall to 55.0
  • US FOMC Members Lockhart, Yellen, Tarullo are all due to speak on the economy today.
  • US markets will be closed tomorrow for the Veterans Day holiday

Stocks:

  • US stocks rallied with the Dow hitting a 13-month high, up 2% to 10,227.  The S&P closed up 2.2% and the NASDAQ finished higher 2%.
  • As of 07:00 GMT the Nikkei is trading at 0.63% and the Hang Seng at 0.82