EUR Trading Outlook (06-12-2011)
The Euro (EUR) The Euro traded towards 1.3500 as the markets took the new unity between Germany and France as a positive sign for this week’s EU summit where they will push for treaty changes that may open up new measures to end the Debt crisis. Most yields dropped with Italy and Spain in particularly pulling back and this helped sentiment. The S&P downgrade spooked the rally and saw the EUR/USD fall back to 1.3400 with Germany on negative watch the major surprise. Looking ahead, Revised Q3 GDP forecast unchanged at 0.2% and German October Industrial Orders forecast at 0.8% vs. -4.3% m/m previously.
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