EUR/USD forex technical analysis round-up: Jul. 7

The euro was losing ground vis-a-vis the US dollar today, trading at 1.4286 as of around 7:50 A.M., GMT.

The single currency is down 0.22% on the day and has reached a session high of 1.4348 with a low of 1.4277 so far.

Today’s most influential event for the markets will most likely be the the European Central Bank’s interest rate decision set for 12:45 P.M., GMT.

The ECB is expected to hike its key lending rate from 1.25% to 1.5% at its policy setting meeting, after the ECB President Jean-Claude Trichet said last week that the bank was in operating in a state of  “vigilance.”

According to Oddo Securities, a French research firm, the ECB’s slight tightening of monetary policy should be “Jean-Claude Trichet’s last rates raise,” before his scheduled departure from the position of ECB president in late October.

The single currency remains vulnerable amid renewed concerns over the euro zone’s sovereign debt crisis after ratings agency Moody’s cut Portugal’s credit rating to junk status.

Later in the day, Destatis is to publish Germany’s official data on monthly industrial production, while in the U.S., the Department of Labor is to release the weekly report on initial jobless claims.

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