EUR/USD: Euro's attempts to recover are not supported by the market yet
The pair EUR/USD is at the lows of seven weeks at the Forex currency market on Wednesday morning, as it still experiences pressure, caused by the Irish problems.
By 10.20 Moscow time the Euro is at 1.3499 against closing session level of 1.3489 yesterday.
Official Ireland has not appealed for help yet and market believes that the longer the country delays with the request, the harder it is for the Unified
European currency. The situation in Ireland is the same as it was in Greece, when speculative agiotage was stronger than the real fear for the future of
Eurozone. As the EU Commissioner Mr. Rehn noted yesterday Irish problems has already affected the debt market.
In addition some pressure is exerted by China, which intends to introduce monetary tightening policy to avoid excessive inflationary pressure.
A lot of macro statistics is going to be released today; therefore volatility at the market can be kept at the high level. Most likely the pair UR/USD will not go beyond the range of 1.3450-1.3780 at the trading session today.
