The Euro (EUR) was hit hard in Europe as Moody&rsquo s downgraded Spain and increased the estimated loan losses. Also weighing on the pair was German Trade balance which dropped to 1.2bn vs. 13.7bn previously. Overall the EUR/USD traded with a low of 1.3774 and a high of 1.3926 before closing the day around 1.3810 in the New York session. Looking ahead, February German CPI forecast at 0.5%.
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