EUR USD Up Slightly in Choppy Trade

The EUR USD weakened early in the session on poor economic news but has erased all losses.

The EUR USD weakened early in the session on poor economic news but has erased all losses following a supportive statement from European Central Bank President Trichet. In a speech before the Euro Group, Trichet said it is “extremely important” that the U.S. supports a strong Dollar. This was perceived as bullish for the Euro because many traders had gone into the report thinking Trichet would try to “talk down” the Euro.