EUR Trading Outlook (04-07-2011)
The Euro (EUR) extended gains on the strong risk appetite but topside was limited as some support came through for the USD after the strong US data. With the end of QE2 the market will be reacting to US data with more of a response to the USD itself rather than its effect on Stock markets. May EU Unemployment remained at 9.9%. Overall the EUR/USD traded with a low of 1.4434 and a high of 1.4551 before closing the day around 1.4521 in the New York session. Looking ahead, May PPI forecast at -0.1%m/m vs. 0.9%m/m previously.
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