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HISTORICAL DETAILS
% Change
1 Wk 0.96
1 Month -1.37%
3 Months -2.84%
6 Months 5.40%
1 Year 9.13%
52 WEEK
High 1.4940
Low 1.2588
BLOOMBERG MEDIAN FORECASTS
Q2 2011 1.45
Q3 2011 1.43
Q4 2011 1.42
Q1 2012 1.42
DAILY DETAIL
It was another tug-of-war session for the euro overnight, as the US dollar won the US morning session and the euro the afternoon timeslot. EUR/USD fell to a low of 1.4013, before grinding higher for most of the afternoon session to finish unchanged at 1.4110. There is a lot of nervousness in the market surrounding both the debt problems in Europe and the US, especially ahead of the emergency EU summit which kicks off on Thursday evening. Based on the price action, it looks like short positions are becoming more nervous. Once again, last night showed another big rejection of the lows, and concerned shorts wavered and covered their positions. It wouldn’t surprise us if we saw this pattern continue heading into the summit. Tonight, attention will briefly switch from debt concerns to economic data, with the latest German ZEW economic sentiment reading due at 7pm (Melbourne time). Following last month’s reading of minus 9, the market is expecting a figure of minus 11.4. Ben Potter, Australia
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