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Forex Trading: Euro Comment

Posted by Joseph Trevisani on Apr 24, 2013 2:55:00 PM

Despite all the negative news out of the euro area and Germany, recessionary PMI results in manufacturing and services, falling  current and future business sentiment in the German Ifo report and in the ZEW Survey for Germany and the EMU and with an ECB rate cut more expected than not at the May 2nd meeting next week, the euro more than held up in New York. As the afternoon wore on the euro moved progessively higher away from the mid-morning session low of 1.2974 back toward the European and day's high of 1.3034 touching 1.3029 briefly just after 3:00 pm  before drifitng back to 1.3018.

 

Joseph Trevisani

Chief Market Strategist

WorldWideMarkets

 

Chart: Bloomberg 

ScreenHunter 1025 Apr. 24 15.30

Topics: euro. eur/usd, Forex, Currency Trading, new york session

 

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