Forex: EUR/USD continues its downtrend

on Jul 5, 2013
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_iNVEZZ.com Friday July 5th:_ The euro has edged lower against the US dollar in today’s European session, with the pair falling to an intraday low at 1.2867 so far.

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Yesterday, after the ECB’s cash rate decision, the pair slumped to 1.2881, its lowest exchange rate since May 29.
ECB president Mario Draghi said yesterday said that the bank sees no rise in interest rates, and even the prospect of further reductions, for a considerable period and that it was projecting a “downward bias in interest rates for the foreseeable future”.

Draghi observed during the post-announcement press conference that “Euro-area economic activity should stabilize and recover in the course of the year, albeit at a subdued pace.” Further, that “the risks surrounding the economic outlook for the euro area continue to be on the downside.”
Traders await the US non-farm payrolls report for June for any further signs as to when the Federal Reserve may decide to start unwinding its $85 billion stimulus program.

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