EURUSD attempted to climb up after inactive trade in the Asian Markets and, breaking the maxima of 7th and 9th July, reached the figure at $1.5763. But after that the currency pair sharply changed its trajectory under pressure of sell and returned to the night low to $1.5720/15 which tried to support bull-traders. Then the Euro marked the intraday minimum of $1.5700. Rebounded a little, Downside trend of the Euro isn’t weakened yet.
In the statement of European Central Bank ( ECB ), demand for the Euro was reduced because of Euro course rise and governments and financial institutions increased US Dollar reserve. Percentage of Euro reserve in the world was down 1% from Dec.2006 to Dec.2007, reported ECB. The quotation EURUSD was up 12% and the Dollar is relatively cheaper to be borrowed.
According to the Bureauof the Census and Bureau of Economic Analysis BlueChip Economic Indicators, because of high oil price, reduction of worker market, fall of stock price and continuous subprime crisis the US economy is already in recession or must be in recession in the second half of this year. 54.5% economists consider that the US economy already fell into recession or fall into it, reported BlueChip Economic Indicators. In the last time the number of economists was 46.5%.
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