Euro/USD: Euro evaluates news background
The pair EUR/USD is traded, not moving much at the Forex currency market on Friday, following downgrade of the rating of Portugal by the agency S&P and adoption of the “Pact euro Plus” by the EU.
By 9.30 Moscow time the Euro is at 1.4172 against closing session level of 1.4172 yesterday.
Thus, yesterday the EU Summit adopted a ‘Euro Plus Pact” which determines the mechanism of the European stability and other measures to improve economic governance of the region.
In addition, six countries – Bulgaria, Denmark, Latvia, Lithuania, Poland and Romania have expressed their intention to join the “Pact” to contribute to the higher level of the competitiveness of the Eurozone.
According to the chairman of the European Council Van Rompuy, adopted Pact- is a collective guarantee of financial stability of the Euro.
Downgrade of the rating of Portugal to BBB with the forecast “negative” by S&P agency is a deterrent factor for the Euro today.
Therefore the pair EUR/USD has a lot of information to help determine movement direction.
Most likely the pair EUR/USD will not go beyond the range of 1.4080-1.4190 at the trading session on Friday.
