EUR Trading Outlook (19-04-2011)
The Euro (EUR) was under heavy selling pressure as the combination of USD strength and the Euro weakness led to large moves. The markets are concerned that Greece debt may be restructured but the Greek Government has firmly denied this. EUR/USD broke under 1.4300 and continued to fall toward breaking under 1.4200 briefly in the US session. Overall the EUR/USD traded with a low of 1.4156 and a high of 1.4407 before closing the day around 1.4230 in the New York session. Looking ahead, April Manufacturing PMI forecast at 57.2 vs. 57.5 previously.
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