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EURO/USD: Euro is making good progress
The pair EUR/USD continues to grow on Tuesday morning, regaining from the fall last week.
By 9.00 Moscow time the Euro is at 1.4432 against yesterday’s closing level of 1.4412.
President of ECB Mr. Trichet supported the Euro, saying that non-standard measures do not limit ability of the Central Bank to tighten policy; that is he indicated again about potential growth of the rate in July.
However, the growth of the Euro is restrained by the information that rating agency Standard & Poor’s downgraded the rating of Greece to CCC against the previous level of B (by three degrees at once), and defined the country as “ the least deserving a loan”.
The day is going to be eventful in terms of macro-statistics therefore volatility can increase in the afternoon.
Most likely the pair EUR/USD will not go beyond the range of 1.4350-1.4490 at the trading session on Tuesday.