The Euro (EUR) the Euro was the worst performer leading the market lower with Greece set to miss both 2011 and 2012 deficit targets and pressure on European banks mounting the outcome is becoming more unclear. The ECB meeting is forming as a key risk event with some analysts speculating a 50bps rate cut may emerge to counter the recent slowdown and turmoil. Looking ahead, August PMI forecast at -0.2% vs. 0.5% previously.
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