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HISTORICAL DETAILS
% Change
1 Wk -0.11
1 Month -1.07%
3 Months -2.76%
6 Months 5.03%
1 Year 9.34%
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
During Asian trade, EUR/USD moved between 1.4177 and 1.4144, as participants speculated what the next move in the pair will be. All eyes are firmly focused on Thursday’s EU meeting, plus Reuters are reporting that French President Mr Sarkozy will meet German Chancellor Angela Merkel to discuss the much anticipated aid package prior to the meeting. This is certainly a positive, because as of a few days ago, the German Chancellor’s presence at the EU meeting was not guaranteed. Her comments overnight that markets should not expect a single and final solution to make the Greek crisis disappear are probably a sobering reflection of how hopeful traders are going into this meeting. We were once again encouraged to see Spain successfully raise 4.5 billion euros in the private market, with a descent bid/cover ratio, and all in all with sovereign spreads and CDS contracting, it seems it is not all doom and gloom. Looking at the price action though, we really don’t expect any sort of extension beyond the recent ranges until after Thursday, so we are watching 1.43 (50/100-day moving average), 1.4015 and 1.3916 (200-day moving average) to the downside. Chris Weston, Australia
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