Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Forex - EUR/USD eases off 2-week low but upside limited

Published 04/05/2012, 02:35 AM
Updated 04/05/2012, 02:35 AM
Investing.com - The euro pulled back from a two-week low against the U.S. dollar on Thursday, but gains looked likely to remain limited after a weak Spanish bond auction sparked fresh concerns over the sovereign debt crisis in the euro zone.

EUR/USD hit 1.3164 during late Asian trade, the session high; the pair subsequently consolidated at 1.3162, gaining 0.16%.

The pair was likely to find support at 1.3106, Wednesday’s low and resistance at 1.3238, Wednesday’s high.

On Wednesday, Spain’s Treasury auctioned EUR2.59 billon of government bonds, short of the maximum targeted amount of EUR3.5 billion, one day after the government announced that the country’s public debt will rise to a record 79.8% of gross domestic product this year.

Meanwhile, concerns over the outlook for growth in the euro zone mounted following a flurry of weak economic data.

The dollar remained supported by diminished expectations for another round of easing from the Federal Reserve, and after data on Wednesday showed that the U.S. private sector added more jobs than expected in March.

Payroll processing firm ADP reported that the U.S. private sector added 209,000 jobs last month, outstripping expectations for an increase of 200,000.

The euro edged higher against the pound, with EUR/GBP easing up 0.09% to hit 0.8278 but dipped against the yen, with EUR/JPY inching down 0.03% to hit 108.34.

Later in the day, Germany was to publish official data on industrial production, while the U.S. was to publish government data on unemployment claims.


Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.