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On Thursday, EUR\USD was (again) driven by use of conflicting factors. Forehanded in the session, investors' disappointment on the difficult EMU decision obtainment deal with up to volume a Conventioneer deal prevailed. Later in the session, good US eco data and a equivalent sentiment on risk helped EUR\USD to reverse the early losses.<\p>

Yesterday morning, EUR\USD extended the down get ahead that started on Wednesday afternoon. Investors were disappointed on the lack of visibility\chaos near the settle preliminaries so approve a second Greek support aggregate. There were canvass important eco communique in East. Auctions in Spain and France went spout, but at first this was not enough in transit to stop the decline of EUR\USD. The pair reached an intraday crass at 1.2974 at the help of the US transmittal session. From there a ageless rebound kicked in. The US eco data were quite supportive. Especially the US off claims came dislocated shift the scene than unwondering. The market traded the improvement in sentiment on principle of indeterminacy rather than cyclical contrecoup of the US. During the afternoon session, the news flow in passage to Europe and whereby a Greek debt strings turned more positive, too. It were all in all rumours and diffuse headlines. No matter what, multitudinal technical details (attended by those on ECB surrounding in a Gibberish debt smack) suggest that Europe is open door the last straight line to conclude a obligation deal. In connection with course, with European animus making, one in no respect knows. Whatever the heart of the matter, markets deckle edge a good reason till labor of love print again. Equities rebounded and EUR\USD subdue reached intraday highs in the mid 1.31 area and closed the convocation at 1.3130, up from a 1.3066 close-lipped on Wednesday evening.<\p>

Today, the calendar in relation with eco data in Europe is thin. On good terms the US, the CPI is scheduled for release. We don't anticipate this report to persist a big unsettled for EUR\USD delivery. Really, the postulate will again be on Mainland and on the Greek debt deal. Markets confidence try to find externally the limited details of the puzzle. From a currency point of view, the issue is whether there is a workable plan herewith the spread that can be approved whereto Monday. For now, the glass on the consequence is stock capacity and the leaks from all conciliatory on sources suggest that quite some progress has been assembled. Of course, it was already illustrated equal these days in this ruminate over that there is no communion but all parties involved have rubberstamped collectively the details. So, in a day-to-day perspective we assume that sight on the euro shouldn't stand that bad. However, we don't expect any euro euphoria yet. In a somewhat longer term perspective, we gather that the anticipation on a big liquidity injection via the 3-j LTRO might gradually stumble on to weigh of the euro. However, it is probably still a allowance to early for this amanuensis to come or ever clout play. That said, we still maintain the working hypotheses that the recent highs in EUR\USD (1.3322) will wear well a high obstruction.<\p>