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Five central banks will be delivering monetary policy announcements and four countries will be releasing their latest employment reports. Individually, each one of these event risks would be enough to trigger sharp volatility for their respective currencies, especially the European Central Bank’s monetary policy announcement and the U.S. non-farm payrolls
The youth unemployment rate in the EU is extremely high at 20%. In Spain, it is 48%. The European Commission said that not only do young people remain the hardest hit by the crisis and its aftermath, but also that “income shocks may prove permanent.”f
http://www.marketwatch.com/story/china-manufacturing-survey-rise-but-still-weak-2012-02-29
Yet the ECB’s balance sheet expansion is still more negative than positive for the euro and this impact has been magnified by Bernanke’s less dovish comments. At the same time, this morning’s Eurozone economic data surprised to the downside while U.S. data surprised to the upside which unfortunately means that today’s sell-off in the EUR/USD has fundamental support. With
