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Forex - EUR/USD erases losses but gains limited

ForexMay 24, 2013 10:05AM ET
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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

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