EUR/USD Forecast Jan. 23, 2012, Fundamental Analysis

EUR/USD Forecast Jan. 23, 2012, Fundamental Analysis
EUR/USD Forecast Jan. 23, 2012, Fundamental Analysis
The EUR/USD pair ended the session on Friday lower affected by profit taking transactions on the pair, where investors tend to close their position ahead of the coming week, especially when the European session ended and Greek debt-deal was still under discussion, where the pair lost momentum as investors fear any surprises during the weekend or with the start of next week.

Today, with the lack of major fundamentals from Europe, bond auctions will drag all the attention, where investors will track the yields on the European bonds and demand for those bonds, especially for more confirmation whether the positivity will remain evident in the bond markets or not.

The EUR/USD pair is expected to move in line with the sentiment today, where in case the positivity spread the euro will continue the incline against the low yielding U.S. dollar.

The euro area will start the week with the advanced estimate for the January consumer confidence at 15:00 GMT and likely to see a slight improvement from the previous -21.1.

Auctions:

10:00 GMT Slovakia sells bills

10:15 GMT Germany sells bills

14:00 GMT France to sells bills

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