EUR Trading Outlook (10-06-2011)
The Euro (EUR) the market initially went higher after the &ldquo strong vigilance&rdquo comments from Trichet signaled the ECB would be raising rates in July. The EUR/USD reversed aggressively when the rest of the comments from Trichet were very dovish and concerns about Greece debt kept pressure on to the downside. Overall the EUR/USD traded with a low of 1.4476 and a high of 1.4654 before closing the day around 1.4534 in the New York session. Looking ahead, May German WPI forecast at -0.3% vs. 0.2%.
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