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Forex - Euro near 7-week highs vs. dollar

ForexAug 08, 2013 02:35AM ET
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Investing.com - The euro was trading close to seven-week highs against the dollar on Thursday as ongoing concerns about when the Federal Reserve will begin to taper stimulus weighed on the dollar.

EUR/USD hit 1.3353 during late Asian trade, the highest since June 19; the pair subsequently consolidated at 1.3337, inching up 0.02%.

The pair was likely to find support at 1.3264, Wednesday’s low and resistance at 1.3400.

The dollar remained under pressure after two senior Fed officials said Tuesday that they would not rule out the withdrawal of stimulus measures at the bank’s September meeting.

The euro was also supported after stronger-than-forecast German data on industrial production and factory orders earlier in the week reinforced expectations that the euro zone economy is starting to recover.

Chinese trade data release on Thursday showed that exports were up 5.1% from a year earlier in June, easing concerns over a slowdown in the world’s second-largest economy. Imports were 10.9% higher on a year-over-year basis, pointing to strong domestic demand.

Elsewhere, the euro was slightly lower against the pound and the yen, with EUR/GBP slipping 0.09% to 0.8602 and EUR/JPY losing 0.13% to trade at 128.27.

The pound remained broadly stronger after the Bank of England pledged Wednesday to keep interest rates at record lows as long as the U.K. unemployment rates remains above 7%.

The yen showed little reaction after the Bank of Japan kept monetary policy unchanged after its policy meeting on Thursday, in a widely expected decision.

Forex - Euro near 7-week highs vs. dollar

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