EUR – A Final Test Before The Weekend

The EUR struggled to the weakest part of it range against the USD as the Single Currency was once again hit by negative news and poor data from Europe. The broad Retails Sales for the continent turned in a minus 1.2% compared to the expected gain of 0.1%. The EUR also continues to get rocked by reports that are coming from various governments and financial institutions that are expressing concerns regarding budget shortfalls, austerity measures, and the combined implications of poor growth and credit worthiness. Europe will release its Revised GDP today and the anticipated outcome is a gain of 0.2%. The EUR finds itself at lows against the USD and going into trading today will be tested by the nervous sentiment which surrounds the Single Currency and the dollar centric data coming from the U.S. jobless report. Risk appetite will be a key ingredient going into the weekend for the EUR and traders will have decisions to make based on emotions and fundamentals that are springing forth quickly.

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