By: Alex Brandt
Next week trader's attention will be focused on Ben Bernanke's confirmation, US GDP, and the FOMC. If Ben is unable to get confirmed for another term as Chairman of the Federal Reserve Board, I expect the news to be dollar bearish. Primarily because of the uncertainty that would ensue from such a result.
Coupled with Obama's new bank regulation proposals, and a floundering economic recovery, the US dollar will give back some of the gains. The US GDP is expected to have grown by 4.5% last quarter, this may seem a bit optimistic but retail sales did increase in the last three months, and the trade deficit declined.
A positive US GDP could offset any negative dollar news. Greece announced on Friday that they plan to raise money to finance their burgeoning budget deficit by issuing 3 to 5 billion euros worth of bonds. The market will be watching the bond auction next week very closely to get a sense of demand and the amount of premium investors will require to hold Greek debt.
Weak demand will confirm the market’s fears and exert additional pressure on the euro. Since Greece’s problems triggered the massive sell-off in the EUR/USD in recent weeks, the bond auction will be one of the most important event risks for the euro.
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FX BONUSES & PROMOTIONS
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Live Rates
| Symbol | Change | High | Low |
|---|
| EUR/USD | 0.0008 | 1.3283 | 1.32 |
|---|---|---|---|
| AUD/USD | 0.0058 | 1.0777 | 1.0684 |
| EUR/GBP | 0.0001 | 0.8401 | 0.8368 |
| EUR/JPY | -0.04 | 103.17 | 102.28 |
| GBP/USD | 0.0006 | 1.5826 | 1.5761 |
| USD/CAD | -0.0019 | 1.0015 | 0.9975 |
| USD/CHF | -0.0006 | 0.9159 | 0.9106 |
| USD/JPY | -0.04 | 77.77 | 77.41 |
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