The single currency has found strength this week to get over 1.30 psychological level versus the greenback again as the markets have shrugged off the delay of reaching an agreement between Greece and its creditors from the private sector as they have done last week by ignoring downgrading the credit rating of 9 of the Euro area remembers and also the EFSF's bonds by S&P giving all of the EU countries a negative outlook driving the yield of the European bonds down further.

But The EU Fin Ministers meeting yesterday has come out yesterday with a new warning to Greece that it shouldn't expect more funds for bailing it even though the country's economy is worsening to push the single currency below 1.30 again.

The pressure on the single currency continued in the beginning of this week versus the greenback as the fear of downgrading the credit rating of the EU countries has materialized by the end of last week by cutting the credit rating of 9 of the Euro area remembers by S&P giving all of the EU countries a negative outlook but Germany and Slovenia which has been cut by one notch like Slovakia, Malta, Austria and France which was having a triple A rating like Germany, Finland, Netherlander and Luxemburg who had been maintained with no change while Italy, Spain, Portugal and Cyrus have been cut by 2 notches as the credit rating downgrading risk was one of the elements which were weighing down on the single currency recently especially after S&P's warning on the 5th of last month by placing the credit ratings of 15 euro zone countries on negative credit watch.

The pressure on the single currency continued today to get it down below 1.2858 whereas it could rebound last week versus the greenback which is supported by the current risk aversion sentiment which contained the markets worrying about the EU debt crisis outlook.

From another side, The greenback could found strength after the release of better than expected data showing declining of the US initial weekly jobless claim to 371k from 387k a week earlier and also rising of the added jobs to the US private sector to 325k in December while the markets were waiting for adding just 165k jobs adding 204k in November as these data could not add to the markets risk appetite which is still negatively impacted by the EU debt crisis as it has done for the USD as they reduce the pressure on the Fed to support the labor market by adding more liquidity by a QE3 soon.

The single currency could find the power to get over 1.30 versus the greenback because of the flash release of Dec EU manufacturing PMI index which has come at 46.9 while it has been expected to be 46.2 from 46.4 in November and also the flash reading of Dec EU Services PMI index which rose up to 48.3 from 47.5 in November while it was expected to decline further in the shrinking territory below 50 to 47.1 but the single currency has eased back below 1.30 as it is still finding difficulty to have a place above it after breaking it  yesterday as the uncertainty is still remaining about the crisis outlook as the market participants have not found out what can make them sure about that the worst of the debt crisis is over while the signs of the recession are still emerging in the Euro area