EUR Trading Outlook (11-10-2010)

The Euro (EUR) found selling pressure for the second successive trading day within range of the magical 1.4000 mark. Trading on the Euro was whippy for much of the North American session, with the single currency failing to take a direction shortly after the lackluster payrolls figure. On the data front German Trade balance contracted to 11.7bn, slightly down on forecasts of 12.3bn. The Euro trade with a low of 1.3835 and a high of 1.3983 before ending the session at 1.3922 on Fridays close. The Euro has gained further support in early Asian trade as the IMF has failed to resolve international currency dispute over the weekend, with the market interpreting such development as further reason to sell USD vs. a number of majors.