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Forex - EUR/USD edges lower but remains supported

ForexSep 13, 2013 06:28AM GMT Add a Comment
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Investing.com - The euro edged lower against the U.S. dollar on Friday, but remained supported as waning expectations for the Federal Reserve to scale back its stimulus program this month still weighed on demand for the greenback.

EUR/USD hit 1.3264 during late Asian trade, the session low; the pair subsequently consolidated at 1.3273, slipping 0.19%.

The pair was likely to find support at 1.3231, the low of September 10 and resistance at 1.3341, the high of August 29.

Demand for the dollar remained under pressure after downbeat jobs data last week raised some doubts over whether the Fed will start to unwind its USD85 billion-a-month asset purchase program at its upcoming policy meeting on September 17-18.

On Thursday, the Department of Labor said the number of people who filed for unemployment assistance in the U.S. fell by 31,000 to a seasonally adjusted 292,000 from 323,000 in the previous week.

However, the report said the decline was largely due to two states not processing all claims received because of computer upgrades.

The euro was fractionally lower against the pound with EUR/GBP edging down 0.09%, to hit 0.8407.

Later in the day, the U.S. was to release reports on retail sales and producer price inflation, as well as preliminary data from the University of Michigan on consumer sentiment.

Forex - EUR/USD edges lower but remains supported

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