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Emmafx 04-06-2012 14:56

EUR/ USD Daily News
The U.S. dollar bounced back during Asian trading session, recovering losses suffered after Friday’s disappointing jobs report, as a sell-off in commodity and Asian equity markets pushed investors toward the currency’s safe-haven appeal. The euro is expected to resume decline as European leaders are failing to agree on how to resolve the region’s debt crisis.

According to data from the Commodity Futures Trading Commission on June 1, Futures traders boosted their net shorts contracts to a record high that the euro will depreciate against the dollar. The euro may face resistance around $1.2515, boosted by short-covering.

Traders will be looking for new hints on potential monetary stimulus on Thursday, when the Fed chief Ben Bernanke testifies before a congressional committee about the U.S. economy.

London markets were closed today, high volatility is expected.

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