Hong Kong, China (PRWEB) June 04, 2012
InvestTechFX reports that the euro saw temporary gains during the first half of end of last week's trading sessions across the globe following the release of Greek polls that indicated gains for pro-austerity political parties ahead of elections later this month. That being said, concerns regarding the Spanish banking sector caused the common-currency to reverse its upward trend later in the day. Against the JPY, the euro advanced over 60 pips, reaching as high as 98.00, before turning downward and dropping to 97.15 by the afternoon session. Against the USD, the euro was up close to 70 pips before dropping within reach of a recent two-year low.
On Friday, any new announcements regarding the economic turmoil in Spain likely generated market volatility for euro pairs. InvestTechFX analysts are warning that the markets are still overwhelmingly declining toward the euro, meaning that the currency is unlikely to see meaningful gains in the near future. Additionally, traders will also want to pay attention to the US Non-Farm Payrolls figure, which is a statistic researched, recorded and reported by the U.S. Bureau of Labor Statistics focusing on manufacturing and employment numbers. Released on the first Friday of every month, the U.S. nonfarm payroll report is one of the most highly anticipated economic releases for currency traders. Not only does the report carry with it extreme daily volatility, but it can also help or hurt a long-term currency trend. As always eemployment will always be a hot topic when it comes to FX trading. It is a key driver of economic expansion and the basis for the survival of any economy. As a result, U.S. nonfarm payrolls will always serve as an important piece of news for the currency investor and trader. Should this figure come in below expectations, investors may choose to place their funds with safe-haven assets which could lead to additional losses for the euro before markets close for the week.
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