Eur/usd Slowly But Surely Trading Off Its Recent Highs of 1.2445

Eur/usd Slowly But Surely Trading Off Its Recent Highs of 1.2445


Quotes from Societe Generale Cross Asset Research:
-The economic situation in the eurozone is clearly lacklustre and risk sentiment is running out of steam this morning: the short-term outlook for Greece, Spain and Italy remains uncertain. Greece's unemployment rate hit a record 23.1% in May. Moreover, when will Spain and Italy ask the EFSF to buy bonds?
-This backdrop is undermining the euro: EUR/USD is slowly but surely trading off its recent highs of 1.2445. Since the beginning of the week, the EUR is even down versus all currencies (except the NZD). These trends are unlikely to be challenged today.



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