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Euro/USD: Euro strengthens on the back of USD’s weakness
The pair EUR/USD is traded upward on Friday morning amid USD’s weakness that is being pressured by governmental instability and absence of decisions on budget.
By 9.00 Moscow time the Euro is at 1.4388 against Thursday closing session level of 1.4307.
The ECB raised the key interest rate to the level of 1.25% per annum from 1.00% per annum the day before. In its comments central bank stressed the intention to closely monitor the situation, so the markets suggested that another rate hike is likely to take place in June.
The Euro stepped back a bit, but after news about absence of budget decisions among democrats and republicans in USA that may result in partial dissolution of the government the pair EUR/USD started moving upward again.
Therefore the main growth catalyst for the pair remains USD’s weakness.
Most likely the pair EUR/USD will not go beyond the range of 1.4250-1.4420 at the trading session on Friday.
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