EUR/USD: Euro continues to grow due to strong catalyst

The pair EUR/USD keeps on growing at the Forex currency market on Thursday morning, continuing yesterday’s trend.

By 9.15 Moscow time the Euro is at 1.3461 against yesterday’s closing level of 1.3432.

Yesterday the U.S. Federal Reserve reported that agreement has been reached with the ECB, banks of Canada, Japan, England and Switzerland to lower interest rates on dollar swops by 50 basis points. Agreement will come into force on 5 December. Currently the swop rate amounts to 100 basis points. Theoretically, this measure will help to increase USD liquidity at the market which shall slightly stabilize situation. Naturally, this step will not resolve systematic problems.

In any event, world’s central banks make it clear for the markets that they are determined to continue actions to stabilize monetary situation.

Investors’ attention today will be drawn to the data on the U.S. labour sector.

Most likely the pair EUR/USD will not go beyond the range of 1.3410-1.3490 at the trading session on Thursday.