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EUR/USD: Euro rushes downward
The pair EUR/USD is traded downward in the currency Forex market on Monday morning, continuing the trend which started on Friday night.
By 9.05 MSK the Euro is at 1.2642 against ?losing level of 1.2683 onFriday.
Several catalysts have caused massive sales of the Euro. First of all Greece suspended talks with private capital about writing off part of the debts due to lack of constructive proposals; secondly,rating agency S&P downgraded rating of 9 large European countries andforecasts for 7 countries were put for downward revision. Only Germany stands a side from general downgrade, while France and Austria were deprived of their highest rating of AAA.
Market remains tense this morning; on Monday France is going to place bonds in the debt market and it is possible that yield of bonds will indicate increasing risks.
Most likely the pair EUR/USD will not gobeyond the range of 1.2590-1.2690 at the trading session on Monday.