The euro dollar exchange rate is 0.095% lower on the day with EUR USD at 1.3673. The euro pound exchange rate is 0.096% higher with 1 EUR = 0.8709 GBP. For now, there is no real news that isn't already known about the euro zone or Greece and so the single currency has been given a bit of breathing space. "Having said that, we know how easily fundamental news can shift traders’ mindsets and don’t forget that these are extremely jittery markets. Despite its jump yesterday, the euro is trading down at 1.3674 against the dollar and technicals could be suggesting more of the same. EUR USD stands below a strong resistance level at 1.3676 so traders should be cautious here," says a note on the euro exchange rate from Simon Denham at Capital Spreads. With regards to the pound to euro we see that this pair continues to trade in range just under the €1.15 mark, with fears of UK quantitative easing weighing on the pound. "It will be very interesting to learn today whether Adam Posen has convinced any of his fellow MPC policymakers to support his call for further monetary easing. Any step in this direction is likely to hurt the pound but it is doubtful how much weaker sterling can get against the euro in the current environment," says Richard Driver at UK money transfer company Caxton FX. The IMF stated yesterday that Greece is looking at a €4.6 billion shortfall in its plans to cut its 2012 budget deficit. In the shorter-term, news was a little more positive, with the EU making a statement indicating that Greece will receive its crucial next tranche of aid. This pair is trading at €1.1475 ahead of this morning’s MPC minutes.

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