EUR/USD Fluctuates on Uncertainty About Greece

EUR/USD fell quickly at the beginning of the today’s trading session and recovered even more quickly. After several volatile swings the currency pair doesn’t show any discernible trend. The reason for such behavior is uncertainty about ability of Greece to overcome its credit problems. The positive decision of the European Union policy makers to reconsider the terms of the bailout and to prolong deadline for repaying debt was followed by the downgrade of the nation’s credit rating by Standard and Poor’s. EUR/USD closed almost unchanged yesterday and may do so today. EUR/USD currently trades at about 1.4351.
US import and export prices posted an increase in April. Import prices increased 2.2% in April, following the rise by 2.6% in March. That’s compared to the forecast value of 1.8%. Prices for exports increased 1.1% in April after the 1.5 percent advance in March. (Event A on the chart.)
Wholesale inventories grew 1.1% in March, while experts predicted the rate of growth to be 1.0% as in February. (Event B on the chart.)

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