EUR Trading Outlook (08-02-2013)
The Euro (EUR) the main currency in action yesterday paring back gains against the USD, JPY and GBP before stabilizing into the close of New York. EUR/USD fell to 1.3370 from 1.3550 as Draghi was downbeat on the Eurozone outlook for the rest of the year and left the door open to be critical of FX moves if they affect ECB forecasts after the release of EU economic data in February. In particular he is concern about higher Euro potentially causing lower inflation. EUR/JPY fell as low as Y124.50 but has since recovered to Y125.50 with a bounce in US stocks.
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