EUR Trading Outlook (29-12-2011)
The Euro (EUR) bond auctions for short term Italian debt were successful but the bounce was short lived and heavy Euro selling later in the US session sent the major through 1.3000 and new multi-month lows near 1.2900. The outlook is now negative technically but there are more important auctions today including a 10 year Italian which may change the Euro’s direction. Looking ahead, November Private loans forecast at 2.6% vs. 2.7% previously.
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