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by ForexNewsNow Team on July 13th, 2010

EUR/USD trims gains as FX traders digest Portugal downgrade

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.

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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.


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