Forex - EUR/USD edges down but remains near 3-1/2 month highs


Shutterstock photo - The euro edged down against its U.S. counterpart on Friday, but was still trading near three-and-a-half month highs as markets awaited the release of euro zone economic reports later in the day.

EUR/USD hit 1.3335 during late Asian trade, the session low; the pair subsequently consolidated at 1.3335, losing 0.30%.

The pair was likely to find support at 1.3267, the low of June 12 and resistance at 1.3434, the high of February 20.

The greeback gained ground against the euro after stronger-than-forecast U.S. economic data on Thursday boosted expectations that the Federal Reserve will unwind its asset purchase program later this year.

The Department of Labor said the number of people who filed for unemployment assistance in the U.S. last week fell by 12,000 to 334,000, compared to expectations for a decline of 1,000 to 345,000.

Separately, the Commerce Department said U.S. retail sales rose 0.6% in May, led higher by increased automobile purchases, beating forecasts for a 0.4% increase.

Core retail sales, which exclude auto sales, were up 0.3%, in line with expectations.

The euro was steady against the pound with EUR/GPB dipping 0.05%, to hit 0.8503.

Later in the day, the euro zone was to release official data on consumer price inflation, while the U.S. was to publish data on producer price inflation, industrial production, the capacity utilization rate, the current account and preliminary data from the University of Michigan on consumer sentiment. - 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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