EUR Trading Outlook (08-07-2011)
The Euro (EUR) saw day lows in the European session before the ECB meeting and Trichet Press conference. The market turned around after the ECB raised rates as expected and Trichet commented they will be accepting Junk rated Portugal bonds as collateral for ECB bonds. The Market ended slightly higher against the USD but large gains were seen against the GBP and JPY. Overall the EUR/USD traded with a low of 1.4220 and a high of 1.4375 before closing the day around 1.4350 in the New York session. Looking ahead, May German Trade Balance forecast at 12bn.
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