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EUR Trading Outlook (05-07-2011)

The Euro (EUR) dipped from highs on Friday and early Monday on comments from S&amp P that a Greek Debt rollover plan put forth from French banks would still constitute a selective default. The news sent the Euro back below 1.4500 before stabilizing and recovering in quiet US trade. Overall the EUR/USD traded with a low of 1.4494 and a high of 1.4569 before closing the day around 1.4545 in the New York session. Looking ahead, June PMI forecast at 54.2.

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