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EUR/USD: EURO is still in a weak position
The pair EUR/USD is traded slightly upward at the Forex currency market on Friday morning after substantial downfall yesterday.By 9.20 Moscow time the Euro is at 1.4106 against yesterday’s closing level of 1.4090.
After yesterday’s meeting of the European central Bank where the rate was kept at the previous level of 1.50% per annum, a traditional press-conference of the ECB head, Mr. Trichet took place, which triggered sales of the Euro. Monetary politician said in his speech that situation in the European economy remains complicated; ECB is contemplating additional buyback of the public bonds and intends to continue stimulation of the economy.
In view of such gloomy prospects investors have no choice but to close out positions on the Euro.Meanwhile, not everything is going on swimmingly the USA.
According to the data released this morning, employment index Monster decreased to 144 points in July against the level of 146 points in June. Tonight, investors will be waiting for the data on the unemployment rate in the country in July, which is expected to remain at the high level of 9.2%.Most likely the pair EUR/USD will not go beyond the range of 1.4050-1.4150 at the trading session on Friday.