EUR Trading Outlook (13-08-2012)
The Euro (EUR) the EUR/USD was under pressure for most of the day down to 1.2240 before staging a late session US rally. The major has been capped at 1.2300 so far in Asia and we are seen some downside pressure with weekend comments from BOE King that ‘no obvious end in sight’ for the Euro Crisis. This negativity was compounded by the Vice Chancellor of Germany comments that he was disappointed with the pace of Greek Reforms. With a light data week and many still on holidays in the Northern hemisphere range trading is expected.
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