EUR/USD: Euro continues to remain under pressure

The pair EUR/USD is traded without clearly defined direction at the Forex currency market on Tuesday morning
By 10.05 Moscow time the Euro is at 1.2945 against closing session level of 1.2951 yesterday.

During the first week of new year the Euro has lost 3.6% in pairing with the USD, the fall started at the level of 1.3384. The main reason of the Unified European currency sales was the decision of the Swiss National Bank to stop accepting Irish government bonds and then Portuguese government bonds as collateral for repo transactions. Investors regarded such action as a gesture of distrust to European economy which triggered massive sales of the EUR.

The latest released U.S. statistics was quite positive which supported the USD.

Macro-economic calendar is eventful only in the afternoon today: at 16.30 Moscow time data on new construction started in December in Canada will be made public, at 18:00 Moscow time data the U.S. wholesale inventories for November will be released.

Most likely the pair EUR/USD will not go beyond the range of 1.2900-1.2990 at the trading session on Tuesday.

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