EUR Trading Outlook (15-12-2011)
The Euro (EUR) yields continued to edge higher in Europe with Italian and Spanish debt both moving closer to the 7% level seen as the tipping point. EUR/USD broke below 1.3000 but the market did find support at 1.2950 and settled into a tight range for the rest of the day. EUR/GBP broke below 0.8400 as the downtrend continued. Looking ahead, November Inflations forecast at 0.1% vs. 0.3% m/m previously. Also December PMI services forecast at 47 vs. 47.5 previously. SNB Rate Meeting forecast to hold at 0.25% but focus on any EUR/CHF talk.
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