Euro above 1.46 prior to ECB statement

Thursday, 9 June 2011 12:31

The Euro opened up at near 1.47 highs earlier in the morning versus the U.S Dollar and tumbled down only to stop before exiting the 1.46 line.  The european currency is keeping steady, awaiting for Trichet's ECB statement later today.

EUR/USD is currently trading at 1.4610, falling from 1.4640 which traded about an hour ago.  Sterling is trading at around 1.6433 against the Greenback, after the release of U.K trade balance.  The announcement came out lower than expected at 7.4 billion, while 7.5 billion was the figure forecasted by economists.  GBP/USD fell slighly after the trade balance release, only to recover to its prior-news price.

More news is coming later in the day, including U.K's Monetary Policy Committee Rate Statement.  The Eurozone is expecting important news accompanied with a statement by ECB president Trichet; involving clues about the interest rates and perhaps news of Greek debt crisis. 

USA's jobless claims are being released today, with expectations of 424,000 unemployed individuals.