EUR Trading Outlook (24-06-2011)

The Euro (EUR) continued uncertainty and risk off trading sent the EUR/USD plummeting down to 1.41 levels before news that IMF/EU had agreed to a 5 year austerity plan helped all markets rebound quite aggressively. The news could potential end the turmoil roiling the Europeans debt markets and set the stage for focus to shift back to the hawkish ECB. Overall the EUR/USD traded with a low of 1.4125 and a high of 1.4325 before closing the day around 1.4260 in the New York session. Looking ahead, June German IFO forecast at 113.5 vs. 114.2 previously.

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