ZEW is main event during European trade
Nothing to report from the Asian session apart from a 15 pip dip in the AUD/USD and a quick topside stop-loss hunt in the EUR/USD. Australian business confidence fell to -9 from -1 which affected AUD sentiment. Asian stocks were slightly higher, apart from the Nikkei, and Gold continued its recovery to $1715/oz.
I’m not expecting much from European trade. The EUR looks quite well bid at the moment but that could change if the ZEW is poor. 1.3000 is probably a step too far just now and support should be solid at 1.2910/20; range-trading anybody?