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EUR/USD: EURO remains at the lows of two weeks
The pair EUR/USD has slowed down its fall at the Forex currency market on Thursday morning; however it is still at the lows of two-weeks. By 9.20 Moscow time the Euro is at 1.4320 against yesterday’s closing level of 1.4318.
The reason for the massive sales yesterday was the decision of the National Bank of China to raise interest rate on one year credits and deposits starting from today. This measure is designed to restrain inflation in China which amounted to 5.5% in May and could exceed 6% in June.
Market awaits the meeting of the ECB today, and expects that the rates will be raised from the current level of 1.25% per annum by 25 basis points.In addition, the data on the U.S. labor market will be released in the afternoon.Most likely the pair EUR/USD will not go beyond the range of1.4280-1.4390 at the trading session in the middle on Thursday.
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