EUR Trading Outlook (02-07-2012)

The Euro (EUR) the EUR/USD rallied from 1.2400 to 1.2700 in the biggest rally of the year so far as the market was shocked by the EU Summit agreements and the backing down of German opposition of using the ESM to bailout Spanish bonds and banks. The effect of the bailout could last longer than the attempts to stem the crisis but as always the devil will be in the detail as the market digests just exactly who will pay and how much.

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