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EUR/USD Down as Moody’s Cut Portugal’s Rating

July 6, 2011 by

EUR/USD extended its decline today for the second day as Moody’s Investor service downgraded Portugal’s credit rating and warned about possible default in Greece. The economic data from the US was worse than expected, but the US employment reports later this week should be real drivers of the Forex market. EUR/USD trades now at 1.4306.

ISM services index decline to 53.3% in June from 54.6% in May. The median forecast promised a reading of 53.9%. (Event A on the chart.)

Yesterday, a report on factory orders was released, showing an increase by 0.8% in May. In April factory orders declined by 0.9%. (Not shown on the chart.)

EURUSD for 2011-07-06

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