EUR Trading Outlook (13-01-2012)
The Euro (EUR) the ECB meeting saw interest rates held at 1.0% as expected but President Draghi was quite optimistic in his press conference noting there are tentative signs the European debt crisis is stabilizing. This combined with the positive Spanish auctions saw the Euro gain against every currency and shorts squeezed around the market. The positioning on the Euro is so short that some analysts are suggesting for a 300-400 pip relief rally in possible. Looking ahead, November Trade Balance forecast at -1.5bn vs. 1.1bn previously.
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