EUR Trading Outlook (28-02-2012)
The Euro (EUR) the weakness against the USD was amplified against the Yen which slumped over 200pips overnight with a dramatic reversal after running up to Y110 in recent weeks. The move looks like profit taking but the downgrade of Greece to selective default has caused some uncertainty going into Europe with many investors wanting to know what this would mean for credit markets. Looking ahead, February Eurozone Consumer Sentiment forecast at -20.2 vs. -20.7 previously. Also ahead US January Durable Goods Orders forecast at -1% vs. 3% previously.
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