EUR/USD: Euro is growing up slowly, awaiting Portuguese auction.

The pair EUR/USD continues to grow slowly at the Forex currency market on Wednesday morning, being corrected after significant fall earlier. 
By 10.35 Moscow time the Euro is at 1.2992 against closing session level of 1.2974 yesterday.

Market is still focused on the problems of Eurozone - auction on allocation of Portuguese government bonds is expected to take place today; the results of which will show whether the country is able to service its debts on its own. If the result is poor, continuation of sales threatens the Euro
Meanwhile Japan and China have already expressed their intention to buy bonds of  Eurozone to support region in dealing with debt problems.

The U.S. import prices data for December will be released in the afternoon and level of crude oil reserves as well. In general external background will continue to dictate conditions at the market and players pay little attention to statistics.

Most likely the pair EUR/USD will be in the range of 1.2900-1.3050 at the trading session today.

[More]