euro continues to slip

The US Dollar gained broadly against the majors, pushing the Euro near 1.2200 in a technically driven trade.
The Dollar's gains were also boosted by a strong foreign investor participation in the USD 14 million auction of 5-year treasury notes, which eased some of the worries of a receding foreign interest in US assets.
Euro's losses were compounded by comments from an ECB governing board member that Eurozone Q2 growth will slow to around 0.3% from 0.5% in Q1.
Meanwhile in a data release this morning, Japan's current account surplus rose unexpectedly in April to Yen1.627 trillion against forecasts of Yen1.579 trillion but lower than previous Yen1.851 trillion.
Players would keenly analyse US Fed Chief Greenspan's testimony later in the day for fresh clues on the health of US economy.

Outlook for the day
EUR/USD - After a technical fall yesterday, the upside for the day would be capped near 1.2300 and single currency is expected to trade in 1.2180-1.2300 levels.
GBP/USD GBP is expected to trade in 1.8200-1.8300 range.
USD/JPY USD/Yen is expected to test the resistance at 107.50 and then possibly 108.00 levels. Support near 106.75 has strengthened its position.