We have updated our privacy policy and terms & conditions. Find out more here.

Forex - EUR/USD erases losses but gains limited

ForexMay 24, 2013 01:58PM GMT Add a Comment
Share with a Friend
Thanks for sharing
Emails have been sent to:
To send more emails click here
Investing.com - The euro erased losses against the U.S. dollar on Friday, but gains were limited as growing speculation over a near-term end to the Federal Reserve's bond-buying program lent support to the greenback.

EUR/USD pulled away from 1.2905, the session low, to hit 1.2950 during U.S. morning trade, adding 0.13%.

The pair was likely to find support at 1.2841, the low of May 21 and resistance at 1.3029, the high of May 14.

Official data showed that U.S. core durable goods orders rose 1.3% in April, beating expectations for a 0.5% increase, after a 1.7% decline the previous month.

Durable goods orders, including transportation items, rose 3.3% last month, more than the expected 1.5% increase, after a 5.9% fall in March.

The data came after Fed Chairman Ben Bernanke said on Wednesday that the bank could begin tapering its bond-buying program.

In testimony to the U.S. Joint Economic Committee, Fed Chairman Bernanke said a decision to scale back the Fed’s asset purchase program could be taken in the "next few meetings" if economic data continued to improve.

The euro strengthened earlier, after the Ifo Institute said its German business climate index rose to 105.7 in May, from a reading of 104.4 the previous month, beating expectations for an increase to 104.5.

A separate report showed that the Gfk German consumer climate index rose unexpectedly in May, ticking up to 6.5 from a reading of 6.2 the previous month. Analysts had expected the index to remain unchanged this month.

The euro was steady against the pound with EUR/GBP easing up 0.06%, to hit 0.8564.

Also Friday, the British Bankers' Association said mortgage approvals rose by 32,200 in April, less than the expected 32,700 increase, after a 31,400 rise the previous month.

Forex - EUR/USD erases losses but gains limited

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Are you sure you want to delete this chart?
Are you sure you want to delete this chart?

Successfully Reported

Thank you. This comment has been flagged for a moderator.
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.