EUR/USD trims gains as FX traders digest Portugal downgrade

ForexNewsNow | Published on July 13, 2010 at 5:15 pm

Forex broker reviews

NEW YORK (Forex News Now) – The euro trimmed Tuesday’s sharp gains versus the dollar on Wednesday (GMT), as FX traders digested a downgrade of Portugal’s credit rating.

In early Asian currency trading, EUR/USD traded at 1.2713, down 0.09 percent on the day, after retreating from Tuesday’s 2-month high of 1.2738.

Moody’s Investor Services, the international ratings agency, on Tuesday cut its rating on Portugal’s government debt by two notches, rekindling fears over Europe’s debt crisis.

Trade forex with best online forex broker in the business:

According to forex analysis, EUR/USD was likely to touch immediate support around Tuesday’s low, 1.2423, and encounter resistance around the high of May 5, 1.2996.

The euro’s earlier gains came on the back of a successful Greek debt auction and disappointing data on the U.S. trade deficit and U.S. consumer confidence.

Meanwhile, the single currency fell versus sterling: EUR/GBP traded at 0.836, down 0.29 percent on the day.


For more exclusive forex broker reviews, follow us on Twitter or join us on Facebook.



Sign up for our Newsletter

Top Forex Brokers

CySEC/FSA Regulated
$5 Min. Deposit
5 Trading Platforms
$2000 Deposit Bonus
No Commissions
Multilanguage Support
US traders accepted
Intuitive trading platform
Free no deposit bonus
Mobile trading

Binary Options Video