EUR Trading Outlook (04-03-2015)
EUR/USD Europe pushed the pair to the day’s low into NY’s open. No further losses were possible in NY though as broad based USD weakness ensued. The USD weakness was derived from soft US bond yields. EUR/USD lifted off the 1.1155 low and went on to hit the day’s high at 1.1218. A USD rebound in NY’s afternoon had the pair near 1.1180 and down tiny late in the session. It’s likely the recent consolidation of losses persists as the market waits for event risk later in the week. Traders are likely to keep their powder dry until the ECB on Thursday and the US jobs report on Friday.
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