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Forex - EUR/USD higher on FOMC announcement, weak U.S. numbers

ForexApr 25, 2012 01:18PM ET
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Investing.com - The Euro traded higher against the U.S. Dollar Wednesday, as  durable goods orders missed expectations and the Federal Reserve restated its decision to keep interest rates low until late 2014 weighed on the greenback.

EUR/USD traded at 1.3208 during U.S. afternoon trade, climbing 0.08%.

The pair was likely to find support at 1.3105, Monday’s low and technical resistance exists at 1.3236, today’s high

Reports from the FOMC meeting indicate that the Federal Reserve has decided to hold interest rates steady until late 2014.

Dampening greenback enthusiasm and adding to global growth worries, orders for U.S. durable goods plunged in March by the most in nearly three years.

Orders for goods designed to last at least three years dropped 4.2%, after a revises 1.9% gain the previous month.

Meanwhile, in London, the U.K. economy shrank in the first quarter, as construction spending decreased, pushing Britain into its first double dip recession since the 1970`s.

Gross domestic product gave back 0.2% from the fourth quarter, 2011, reported by the Office for National Statistics in London.

Economists were expecting a 0.1% gain, increasing fears of additional economic slowing.

Meanwhile, the Euro was up against the British Pound and the Japanese Yen, with EUR/GBP gaining 0.05% to hit 0.8178 and EUR/JPY rising 0.19% to hit 107.51.

Forex - EUR/USD higher on FOMC announcement, weak U.S. numbers

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