Forex - Euro rises to 4-month highs vs. weaker dollar

A A A - The euro rose to four-month highs against the broadly weaker dollar on Thursday as the dollar's weakness against the yen led the greenback lower against the other major currencies.

EUR/USD hit 1.3388 during late Asian trade, the pair's highest since February 20; the pair subsequently consolidated at 1.3384, rising 0.38%.

The pair was likely to find support at 1.3264, Wednesday's low and resistance at 1.3434, the high of February 20.

The dollar tumbled more than 2% against the yen on Thursday following sharp falls in Japanese equities overnight as concerns over the prospect of an end to central bank stimulus fuelled a broad based sell-off in risk assets and the dollar.

Earlier this week the Bank of Japan disappointed expectations for measures to ease volatility in the government bond market.

The BoJ's lack of action, along with growing expectations that the Federal Reserve will begin to taper its bond purchasing program, has fuelled fears over the future of central bank stimulus.

The euro was sharply lower against the yen, with EUR/JPY down 1.74% to 125.79.

Elsewhere, the single currency was higher against the pound, with EUR/GBP rising 0.38% to 0.8537.

The U.S. was to release official data on retail sales and the weekly government report on initial jobless claims later in the trading day. - offers an extensive set of professional tools for the Forex, Commodities, Futures and the Stock Market including real-time data streaming, a comprehensive economic calendar, as well as financial news and technical & fundamental analysis by in-house experts.
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This article appears in: Investing , Forex and Currencies

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