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EUR Trading Outlook (01-06-2011)

The Euro (EUR) hit highs above 1.4400 on the back of the growing belief more bailout funds for Greece would be available and default would be avoided. German May Jobless fell 8k and the Unemployment rate fell to 7.0% from 7.1% previously. Overall the EUR/USD traded with a low of 1.4256 and a high of 1.4353 before closing the day around 1.4370 in the New York session. Looking ahead, May PMI Manufacturing forecast at 47.5 vs. 47.6 previously.

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