EUR Trading Outlook (17-08-2011)
The Euro (EUR) the market was heavy in early Europe with Q2 GDP disappointing in both Germany and the Eurozone as a whole. EU Q2 GDP at 0.2% vs. 0.3% forecast. The market found support in the Merkal-Sarkozy press conference but the gains did sustain into the close with the lack of Eurozone Bond support seeing the crisis continue. Looking ahead, June Current Account previously at -5.2bn. July Inflation forecast at -0.6% vs. 0% previously m/m.
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