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EUR Trading Outlook (03-06-2011)

The Euro (EUR) was the strongest currency in the market able to rebound to fresh multi week highs on talk a Greece solution was close. This combined with the US Debt rating news to help the EUR/USD break above 1.4500. ECB President Trichet spoke overnight about the possibility of a single EU Finance Ministry. Overall the EUR/USD traded with a low of 1.4323 and a high of 1.4515 before closing the day around 1.4500 in the New York session. Looking ahead, May EU PMI Services forecast unchanged at 55.4.

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