EUR/USD: EURO rose to three –week highs

The pair EUR/USD continues to grow at the Forex currency market on Thursday morning: yesterday Greece adopted a plan of budget reduction for a medium term. By 9.20 Moscow time the Euro is at 1.4503 against yesterday’s closing level at 1.4434.

Thus, primary reason of tension in the market has been removed: Greece had adopted the five- years plan of measures to reduce budget, despite protest actions and opposition views. In addition, positive sentiment of the investors is supported by the ECB president Trichet, who said in his presentation this week, that regulator is prepared to raise interest rate in July.

In addition, the data on index of procurement managers of Chicago District (Chicago PMI) will become known tonight, which will become a preview of tomorrow’s publication of ISM Manufacturing in June.

Both indices are projected to decline.Most likely the pair EUR/USD will not go beyond the range of 1.4450-1.4550 at the trading session in the middle on Thursday.

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