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EUR/USD: EURO goes down in advance of the EU summit
The pair EUR/USD is traded downward at the Forex currency market on Thursday morning in advance of the EU summit which starts today.By 9.05 Moscow time the Euro is at 1.4306 against yesterday’s closing level of 1.4355.Two-day meeting of the U.S. Federal Reserve ended last night, on Wednesday; interest rate was kept in the previous range of 0-0.25% per annum with the comment of intention to keep it low level “for a long time”.
Bernanke, Fed Chairman, stressed in his speech that the U.S. economic situation is severe, the growth is hardly noticeable, the situation in the employment sector leaves much to be desired, however in the second half of a year the situation will change for the better. In addition, introduction of the program QE3 is not planned, because deflation is not expected and inflation can be contained by less drastic methods for quite a long time.
Two-day EU summit, which starts today, will discuss issues of Greece and the status of the Euro.Most likely the pair EUR/USD will not go beyond the range of 1.4250-1.4390 at the trading session on Thursday.
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