The Euro (EUR) the Euro pulled back sharply with Cyprus and Greece downgraded and comments from the German Fin min that the debt crisis is not over. German CPI climbed 0.5% m/m but is not expected to remain at the elevated levels. Overall the EUR/USD traded with a low of 1.4338 and a high of 1.4537 before closing the day around 1.4350 in the New York session. Looking ahead, July German Unemployment forecast at -13k vs. -8k.
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