EUR Trading Outlook (04-08-2011)
The Euro (EUR) enjoyed a rally in the European session after being under pressure most of the week. EUR/CHF was the main source of strength up over 2% on Swiss intervention via its central bank. July PMI services slipped to 51.4 vs. 53.7 previously. The EUR/USD traded with a low of 1.4142 and a high of 1.4374 before closing the day around 1.4295 in the New York session. Looking ahead, August ECB Rate Decision forecast to hold at 1.5%.
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