USD Trading Outlook (08-12-2011)

U.S. Dollar Trading (USD) most currencies were very subdued as traders wait for tonight’s main event of the week out in the ECB Rate meeting. Also in the European session we are going to see the EU leaders meet to discuss new ways of integrating the Eurozone more closely and this could spark a major rally or crash depending on how things evolve. Rating agencies are putting pressure on the EU to act with negative rating watch on most of Europe. In US stocks, DJIA +46 points closing at 12196, S&P +2 points closing at 1260 and NASDAQ -0 points closing at 2649. Looking ahead, Weekly Jobless Claims forecast at 395k vs. 402k previously.