USD Trading Outlook (26-06-2012)
U.S. Dollar Trading (USD) with the EU Summit starting on Thursday the market is starting to price in a failure of EU officials to make progress with German Chancellor Merkal once again stating she is against the idea of Eurobonds. Such Joint liability she believes will not address the main cause of the crisis which is fiscal discipline and structural reforms. Global stock markets are under pressure as the uncertainty grows and risk assets/currencies are being sold aggressively. Looking ahead, April Case Shiller House Prices forecast at -2.5% vs. -2.6% previously.
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