Yesterday the Eurodollar market expected Mr. Greenspan's testimony before Senate Committee on Economy and Fed Policy; its outlook for interest rate movement was a key factor for currency pair EUR/USD development. The greenback selected positive parts from the testimony and strengthened to 1.23. Today no macro data are released, the market might return to interpret yesterday's Grenspan. The market could emphasize a modest rate increase that prevents the dollar to appreciate again. The rate EUR/USD was at 1.2325 this morning and should stay between 1.2270 and 1.2370.
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