EURO/USD: EURO tends to recover

At the Forex currency market the pair EUR/USD begun to recover from yesterday’s correction on Wednesday morning.By 9.40 Moscow time the Euro is at 1.4446 against yesterday’s closing level of 1.4428.

The USD is under pressure today in advance of the publication of the U.S. statistics: the data on the labour market is scheduled for the release at the end of the week, where the situation is predicted to remain unchanged.

At the same time the Euro successfully resists external negative factors, given that Moody’s has downgraded the rating of Portugal to Ba1, several steps downward at a time, which is now below investment grade. Forecast is “negative”. The EUR continues to receive support from tomorrow’s meeting of the ECB.  Most likely the pair EUR/USD will not go beyond the range of 1.4400-1.4520 at the trading session in the middle on Wednesday.