EUR Trading Outlook (06-07-2011)
The Euro (EUR) more negative ratings news hurt the sentiment but the longs are hard to shake out with the ECB meeting fast approaching with forecast of a rate hike. Crosses took advantage though and EUR/GBP slipped below 0.9000 and EUR/JPY broke Y115. Overall the EUR/USD traded with a low of 1.4395 and a high of 1.4543 before closing the day around 1.4430 in the New York session. Looking ahead, Q1 GDP forecast unrevised at 0.8% q/q. Also released, May German Industrial Orders forecast at -0.5% vs. 2.8% previously.
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