On Tuesday morning, the foreign exchange market Forex (forex) U.S. dollar drop slightly against most major currencies amid expectations the players publication statistic data on theU.S. (an indicator of new housing and industrial activity in the Philadelphia Fed, which projected weak).
Pair EUR /USD this morning is trading near 1.4400 against the closing session on Monday at 1.4386. It is worth to note that the euro is paired with a pound of severely collapsed amid fears about the future of Greece.
Meanwhile, as announced today by the Minister of Finance of Greece Georgios Papakonstantinu Government ministers presented their plan to reduce the budget deficit. This document, as emphasized Papakonstantinu, should provide a solid foundation for the program. “We presented a very ambitious program of consolidation with a very detailed measures to be taken in 2010,” - said the politician.
confidence of fans in the euro last night threw a stone and a member of the Governing Council of the European Central Bank, Lorenzo Bini Smaghi - he said that the current situation in the banking sector of the euro area can demonstrate against the backdrop of worsening the illusion that the banks look healthier than it is in reality. In his view, bank lending is subject to certain risks. “While restrained bank lending still reflects the weak state of the real economy, credit constraints may be a more powerful deterrent effect when the demand for loans from businesses will grow as the economic recovery,” - he said yesterday. Bini Smaghi also emphasized that the problems in the financial system could seriously damage the process of rebuilding the economy the euro zone.
By 09:57 GMT, the euro traded at 1.4385 level.
Estimated range of trades from a pair of EUR /USD on Tuesday - 1.4340-1.4420. Note that the daily charts for the euro continues to grieve and show a downtrend.
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