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Forex pairs in this Article » EUR/USD (San Francisco) - The Euro has traded under pressure on Tuesday amid Portugal resignations news. The EUR/USD declined 0.70% on the day to break down the 1.3000 key level and reach a low of 1.2960 before closing the day around 1.2970.

On Tuesday, Paulo Portas resigned from its charge of Foreign Minister as disagreement regarding Albuquerque appointment as new FinMin. In the second resignation in only two days, Portas' decision put the government in jeopardize as he is the party leader of the People's Party, the group who guarantee the government coalition.

On other currencies, the GBP/USD also traded lower with the cable reaching fresh lows since May 30 ay 1.5130. The USD/JPY rallied further to break above the 100.00 area and close around 100.70, the highest level since June 3.

The USD/CAD broke above the 1.0550 area to reach multi-month highs at 1.0575 and the AUD/USD lost almost all Monday's recovery with the pair trading back to 0.9140.

On commodities, the gold declined to $1,240/oz and the Oil rallied to highest since September 2012 at 99.40 amid tensions in Egypt.

Main headlines in the American session:

US: ISM New York Index tumbles to 47 in June

US: Factory Orders rise by 2.1% in May

Oil rallies to highest since September

Portuguese Foreign Min Portas Resigns

Portuguese PM considers confidence vote

Portugal PM Coelho didn't resign

Wall Street closes lower on concerns cocktail
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