Forex Trading Live Update, Thursday 28th June

by Joe Oliver, Forex Trading-Pips

Euro currency weakened for a fourth day on Thursday, trading at a three week lows versus the US dollar as traders speculate European Union leaders will fail to agree on a resolution to the region’s debt crisis. European leaders are scheduled to meet in Brussels today and tomorrow.

EUR 60 minute bars

EUR 60 minute bars

Spanish 10-year yields rose above 7 per cent again today. German unemployment rose 7K in June from May’s 1K while the unemployment rate remained unchanged at 6.8%. Eurozone business climate declined in June to -0.94 from previous -0.79 while consumer confidence was revised lower to -19.8 from initial estimate -19.6.

The UK nationwide Home Price Index dropped 1.5% in June from previous -0.7% y/y, the lowest result in nearly three years. GBP is currently trading in a sideways range 1.5520 – 1.5650 as traders await news from the EU summit.

GBP 60 minute bars

GBP 60 minute bars