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fundamental News • Europe markets tread water - Yahoo! • banks lead Asian markets higher - Yahoo! • Geithner denies bid to weaken dollar - financial times • German investor confidence fell to 21-month low in October - Bloomberg • Zapatero heads to Spain budget victory after first majority - Bloomberg EURUSD: euro area current account for the month August a deficit of 10.5 billion euro's after posting a revised EUR 3.4 billion surplus in July on a not seasonal selected basis adjusted. Taking a look at the breakdown of the report the income component on inflows zusammengesunken 6.4 percent in the course of the month during transfers the decline tapered, climbing 2.9 percent. Meanwhile, construction arranges falling 0.4 percent in August, during the annual rate 8.5 percent in August also elegant low sunk. Two readings not good for the euro area 16 member EÚ as growth and construction will charge in the coming months the hard cuts by Governments in the block orders. To not forgetting the German ZEW survey of current situations rose to 72.6 in October amid expectations of 64.0, while the eurozone slowed to 1.8 4.4 September ZEW economic sentiment survey. In the foreign exchange markets that has finally broken EURUSD below the 10-day SMA and now looks poised to test 1.38. Downside risks remain as long as price action below this can keep moving average. Written by Michael Wright, currency analyst to receive future articles via email, please contact basics is vs. technical's weekly spotlight and Forex trading me at mwright@fxcm.com Michael Wright author FX news, weekly forecast
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