Jumat, 30 Agustus 2013

Forex - EUR/USD steady, near 2-week lows

Investing.com - The euro was steady against the U.S. dollar on Friday, hovering near two-week lows as Thursday's upbeat U.S. economic reports continued to fuel expectations for the Federal Reserve to begin tapering its stimulus program as soon as next month. 

EUR/USD hit 1.3255 during late Asian trade, the session high; the pair subsequently consolidated at 1.3248, inching up 0.06%. 

The pair was likely to find support at 1.3190, the low of August 2 and resistance at 1.3340, Thursday's high. 

The dollar strengthened broadly after the Commerce Department on Thursday said gross domestic product expanded at an annual rate of 2.5% in the three months to June, above expectations for growth of 2.2% and up from a preliminary estimate of 1.7%.

In a separate report, the Department of Labor said the number of people who filed for unemployment assistance fell to the lowest level since October 2007 last week.

The number of people filing for initial jobless benefits in the week ending August 23 fell by 6,000 to a seasonally adjusted 331,000, compared to forecasts for a decline of 5,000.

Meanwhile, the euro remained under pressure amid speculation that Greece will require a third bailout package in 2014.

Separately, markets were jittery amid concerns over prospects for a U.S.-led military strike against Syria’s government, following the alleged use of chemical weapons.

The euro was also steady against the pound with EUR/GBP easing 0.04%, to hit 0.8537. 

Later in the day, the euro zone was to publish preliminary data on consumer price inflation, in addition to data on the unemployment rate. 

The U.S. was to release a report on manufacturing activity in Chicago and revised data from the University of Michigan on consumer sentiment, as well as data on personal income and personal spending.

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