As I expected the big trend is still heading south.
EURUSD – Industrial new orders for the Euro-Zone slid to a 7 year low as the index fell to -7.4% from -4.4% from the previous year as global demands begin to fade. The current account deficit also widened to -8.2B from -7.3B as a result, heightening downside growth risks for the 15 European nations. As growth prospects worsen for the Euro-Zone, the ECB may be forced to hold the benchmark interest rate steady for the rest of 2008 as inflation remains well above target.
Euro fell 100 pips after a test of 1.49. Now it's trading at 1.48
Oil is now trading at 120
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