EUR Trading Outlook (13-07-2011)
The Euro (EUR) crashed lower in Europe falling as far as 1.3850 on debt contagion fears before rumors of Chinese Greece debt buying helped spark an aggressive short covering rally. The market moved back above 1.4000 on the FOMC minutes and the QE3 talk but then dropped suddenly on the Moody& rsquo s Irish debt downgrade to Junk status. Overall the EUR/USD traded with a low of 1.3836 and a high of 1.4055 before closing the day around 1.3980 in the New York session. Looking ahead, May Industrial Production forecast at 0.5% vs. 0.2% previously.
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