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Euro/USD: news from Portugal put pressure on Euro
The pair EUR/USD is traded slightly downward on Thursday morning being pressured by the news from Portugal after a surge the day before.
By 8.50 Moscow time the Euro is at 1.4303 against Wednesday closing session level of 1.4331.
The main reason for today’s selloff is that Portugal seeks bailout from EU. This didn’t cause a sensation as markets had a notion about the situation in country’s national economy.
According to European Commission President Jose Barroso, Portugal’s application will be considered undertime in compliance with current rules and procedures.
The ECB meeting will take place today, during which the regulator will decide on the key interest rate – as markets anticipate it may be raised to 1.25% per annum from the current level of 1%.
In whole the pair may move sideways today.
Most likely the pair EUR/USD will not go beyond the range of 1.4220-1.4360 at the trading session on Thursday.