EUR Trading Outlook (09-06-2011)

The Euro (EUR) fell heavily on profit taking ahead of today&rsquo s ECB rate announcement. The market will be looking for Trichet&rsquo s comments on inflation for the timing of the next rate hike. Also concern for Greece Debt will continue to dominate headlines. Overall the EUR/USD traded with a low of 1.4563 and a high of 1.4690 before closing the day around 1.4610 in the New York session. Looking ahead, ECB Rate Announcement forecast at 1.25% vs. 1.25% previously.

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