SpotEuro Forex Daily Outlook April 12, 2010

Big news over the weekend, the plan to save Greece has finally come in the form of money a 61 billion dollar pledge in 3 year bonds from EZ and another 20 billion dollars from the IMF. This has shaken up the markets and the dollar lost ground against most of the majors, gapping 150 pips from Fridays close against the euro. George Soros was in the news as well speaking about the UK economy and about the pound weakening further as a tool for strengthening the export market in the UK and its economy. With Greece news absolutely overshadowing the technical markets and so much uncertainty, there is no mid term outlook we can provide at this time. We expect the euro to pull back a bit before strengthening further on a momentum basis.