Investing.com – The euro dipped against the U.S. dollar on Thursday, retreating from the daily high following a report showing that German factory orders tumbled unexpectedly in March while the previous month’s figure was revised lower.
EUR/USD retreated from 1.4898, the daily high to hit 1.4829 during European late morning trade, up 0.01%
The pair was likely to find support at 1.4753, Tuesday’s low and short-term resistance at 1.4939, Wednesday’s high and a 17-month high.
German factory orders slumped 4.0% in March, far below the forecasted 0.4% gain. The previous month’s figure was revised down to 1.9% from 2.4%.
Year-on-year, orders rose 9.7% from a downwardly revised 19.6% in February, disappointing expectations for a 15.4% gain.
The single currency remained supported ahead of the European Central Bank’s policy setting meeting later in the day. The bank was expected to prepare markets for a possible follow-up rate hike in June after last month’s rate increase.
Meanwhile, the euro was slightly lower against the pound, with EUR/GBP slipping 0.05% to hit 0.8986.
Also Thursday, the U.S. was to publish official data on initial jobless claims while Federal Reserve Chairman Ben Bernanke was to speak.
EUR/USD retreated from 1.4898, the daily high to hit 1.4829 during European late morning trade, up 0.01%
The pair was likely to find support at 1.4753, Tuesday’s low and short-term resistance at 1.4939, Wednesday’s high and a 17-month high.
German factory orders slumped 4.0% in March, far below the forecasted 0.4% gain. The previous month’s figure was revised down to 1.9% from 2.4%.
Year-on-year, orders rose 9.7% from a downwardly revised 19.6% in February, disappointing expectations for a 15.4% gain.
The single currency remained supported ahead of the European Central Bank’s policy setting meeting later in the day. The bank was expected to prepare markets for a possible follow-up rate hike in June after last month’s rate increase.
Meanwhile, the euro was slightly lower against the pound, with EUR/GBP slipping 0.05% to hit 0.8986.
Also Thursday, the U.S. was to publish official data on initial jobless claims while Federal Reserve Chairman Ben Bernanke was to speak.