In his daily forex report for Equities.com, Greg Michalowski of Gregmikefx.com talks about the deteriorating Portugal bank and bond situation and its impact on the EURUSD. Weaker UK Construction output and worse unemployment numbers than expected in Canada, but full-time employment increased tempering the overall outlook.
The rise in Portugeuse bond yields on the day should be taken with a grain of salt. "Overall this week, despite the fact the Portugal bond yields have moved up 40 basis points, for the week we're not much changed from last Friday's close," Michalowski says, reminding viewers to keep an eye on technical indicators to gauge next week's performance of the Euro.
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