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by ForexNewsNow Team on August 2, 2011

EUR/USD forex technical analysis round-up: August 2nd

The euro was falling in value against the US dollar today, trading at 1.4192 as of around 10:45 A.M., GMT.

The EU’s single currency is down 0.400% on the day and has reached a session high of 1.4283 with a low of 1.4159 so far.

The euro was slightly losing ground against the dollar today after Monday’s decline due to continuing uncertainty about the US debt ceiling agreement.

Later today, at 4:00 P.M. GMT, the Senate is expected to vote on the proposal to raise the debt ceiling, which has already been passed by the US House of Representatives, hours before the deadline set by the Treasury to avoid a default.

The agreement includes a raise of at least $2.1 trillion for the debt ceiling and an initial reduction of budgetary spending of $1 trillion before additional spending cuts worth approximately $1.5 trillion.

However, according to many analysts, this agreement may not prevent a downgrade of the United States’ AAA rating of the United States – the highest possible – by the major credit rating agencies.

 

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