Euro tested support at 1.2150 before rebounding to the 1.2245 level. With rumors circling about French credit rating downgrade, the Euro should remain under pressure.
EVENTS
Australian GDP is expected to increase by 2.6% in the first quarter
The UK PMI services is expected to increase to 58.3 in May from 58.2 in April
US Pending Homes Sales are expected to increase by 6.2%
EUR/USD
The Euro tested support at 1.2150 before rebounding to the 1.2245 level. With rumors circling
about French credit rating downgrade, the Euro should remain under pressure.
GBP/USD
The pound rallied after a slightly better than expected manufacturing PMI. The pound is poised to
continue its upward movement and test resistance near 1.4810.
Gold
Gold moved higher as investors continue to believe gold with perform in a volatile market. Gold is poised to
test the all time high near 1244.
USD/CAD
USD/CAD consolidated as the BOC raised interest rates by 25 basis points. The Canadian Employment
number is scheduled to be released at the end of the week, which should help keep the USD/CAD near the
1.04‐1.05 level.
