EUR Trading Outlook (12-07-2011)
The Euro (EUR) bore the brunt of the Italy led risk aversion with the Euro opening at 1.4250 and falling steadily to test 1.4000. EUR/JPY was even weaker falling below Y113. The market is on edge that the Greece debt solution will involve a default that might lead to a domino effect on other countries with Italy   seen as too big to bailout. Overall the EUR/USD traded with a low of 1.3985 and a high of 1.4229 before closing the day around 1.4020 in the New York session.
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