EUR Trading Outlook (20-04-2011)
The Euro (EUR) found support and rallied even as the German Finance minister commented that a Greek restructuring is inevitable. The market found broad strength with both EUR/JPY and EUR/GBP outperforming. April PMI surveys were slightly weaker as the Composite fell to 57.8 from 58.2 previously. Overall the EUR/USD traded with a low of 1.4204 and a high of 1.4375 before closing the day around 1.4340 in the New York session. Looking ahead, March German PPI forecast at 0.8% vs. 07%.
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