EUR Trading Outlook (08-10-2010)
The Euro (EUR) the Euro Broke above 1.4000 on strong US data but the market took profit aggressively back over 150 pips. The ECB held rates at 1.0% as expected and Trichet stated he expected slow growth in the 2nd half and he supported the US strong Dollar policy. EUR/USD traded with a low of 1.3857 and a high of 1.4028 before closing at 1.3920. Looking ahead, August German Trade Balance is forecast at 12.3bn vs.12.7bn previously.
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