EUR Trading Outlook (08-06-2012)
The Euro (EUR) the Spanish bond auction was a success and we saw a rally briefly above 1.2600 before the Bernanke testimony and Spanish downgrade reversed the gains back to opening levels. The outlook is mixed with hope vs. fear in a daily battle with most headlines negative but work being done in the background to get aid to Spanish banks under pressure. We are moving close to the Greece elections as well which also reenter traders’ minds as they vote to stay in the EU.
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