Forex News:The shock value of Thursday's more dovish than expected statement from ECB president Trichet, and the possibility of more weak data out of Europe's strongest economy today adds up to downside pressure on EUR/USD, says Commerzbank. However, at this stage the bank doesn't think the spot will see the range lows between 1.53-1.5275 although supports at 1.5650 [which was broken earlier Monday] and 1.5550 will be in focus this week. On the other hand USD-negative news could come from either US pending home sales, the Michigan consumer survey or Friday's May trade balance. Germany industrial production is at 1000 GMT. Commerzbank looks for a flat on-month reading.
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