USD Trading Outlook (19-06-2012)

U.S. Dollar Trading (USD) the positive feel for the EUR/USD after the Greek elections failed to hold even the European trading session as Spanish Debt continued to trade above the key 7% level. The 7% level is seen a rate that countries can no longer finance government debt at a sustainable pace. The G20 meetings and have offered token amounts to increase the IMF warchest but markets are looking for the ECB to provide real short term support. Looking ahead, May Housing starts are forecast at 0.72mn vs. 0.717mn previously. Also May Building permits forecast at 0.728mn vs. 0.723mn previously. G20 meetings also continuing today.