EUR Trading Outlook (03-10-2012)
The Euro (EUR) the EUR/USD popped Monday’s high and rallied to 1.2950. The outlook is for more gains but we are holding at current levels waiting for further clarification on the bailout timeline. The initial reaction to Spanish PM Rajoy was positive as he said his local governments had come together in a fiscal consolidation path. The market sold off on the ‘EU Aid not imminent’ comments and no doubt we will have further clarification of what this means shortly.
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