EUR/USD: a new reason for selloff has occured

The pair EUR/USD is traded downward at the Forex currency market on Monday morning in respond to another external background worsening.

By 9.00 MSK the Euro is at 1.3401 against Friday’s closing level of 1.3497.

The main reason for Euro’s selloff was news from Portugal – the country revised its forecast of economic growth this year to -2.3% against -1.8% before. Earlier the country revised its forecasts upward, but this was not materially backed.

Besides markets are waiting for poor data from Germany today where IFO business climat? is expected to come out at 15-months lows. Evidently, Eurozone debt crisis is widening and this fact makes investors uneasy.

Most likely the pair EUR/USD will not go beyond the range of 1.3350-1.3450 at the trading session on Monday.