EUR Trading Outlook (15-03-2011)
The Euro (EUR) the market rally continued from Friday with the EUR/USD testing the significant 1.4000 level on optimism that the new bailout plan will ease the debt crisis. Also helping was hawkish comments from ECB members about raising rates as early as next meeting. February Industrial Production was at expectations of 0.3% m/m. Overall the EUR/USD traded with a low of 1.3900 and a high of 1.4005 before closing the day around 1.3985 in the New York session. Looking ahead, March Economic Sentiment forecast at 15.7.
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