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USD Trading Outlook (07-08-2012)

U.S. Dollar Trading (USD) the markets opened strong in Asia but the inevitable profit taking took place in the European session were we saw day highs for the USD. There was little news or economic data however and the Yields on Spanish and Italian bonds continued to fall so the dip in Europe was short lived and US stocks rallied extending the rally for another day. Fed Chief Bernanke spoke but failed to mention monetary policy. Looking ahead, Fed Chairman Bernanke Speaks again. June Consumer Credit is forecast at 11bn vs. 17bn previously.

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