EUR Trading Outlook (22-07-2011)

The Euro (EUR) fell to 1.4150 in early European trade before staging a remarkably rally on the Greece plan announcement and trading above 1.4400. EUR/JPY and EUR/GBP both enjoyed good gains in a broad Euro rally. In addition to assisting Greece we saw interest rates on loans on Ireland and Portugal lowered to help their ability to repay. Overall the EUR/USD traded with a low of 1.4137 and a high of 1.4439 before closing the day around 1.4410 in the New York session. Looking ahead, German IFO forecast at 113.8 vs. 114.5 previously.

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