EUR Trading Outlook (31-05-2011)
The Euro (EUR) was under pressure initially on weekend reports of Greece not hitting budget cuts required to receive bailout money. This was reversed sharply on the German sentiment shift reports late in the day that Greece would receive support without restructuring. 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, German May Unemployment change forecast at -30k vs. -37k previously.
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