Investing.com - The euro gave up gains to end the day flat
against the dollar in a volatile session on Friday after Japan
avoided criticism from the Group of 20 nations over its aggressive
monetary easing policies.
EUR/USD hit session highs of 1.3129, before erasing gains to settle
at 1.3050, 0.1% lower for the day and almost unchanged for the
The pair is likely to find support at 1.3000, Wednesday's low and
resistance at 1.3128, Friday's high.
The euro hit session highs against the dollar after European
Central Bank Council member Jens Weidmann said the bank would only
cut interest rates if economic data worsened.
The euro fell more than 1% against the dollar on Wednesday after
Weidmann said in an interview with the Wall Street Journal that the
ECB could adjust monetary policy if economic data warranted it.
On Tuesday, the International Monetary Fund said continued monetary
stimulus by the Federal Reserve and the Bank of Japan was expected
to continue to support growth in the U.S. and Japan, while the euro
zone still posed the greatest threat to a recovery in the global
The single currency rallied against the broadly weaker yen on
Friday after finance ministers from the Group of 20 nations
indicated that they support Japan's efforts to spur growth through
aggressive monetary easing policies.
"Japan's recent policy actions are intended to stop deflation and
support domestic demand," the G-20 said.
EUR/JPY hit session highs of 130.25 before settling at 129.90, up
1.4% for the day and 2.72% higher for the week.
In the week ahead, investors will be awaiting Friday's U.S. data on
first quarter growth amid worries that the U.S. economic recovery
is losing momentum.
Markets will also be closely watching euro zone data on
manufacturing and service sector activity amid concerns over the
outlook for first quarter growth.
Ahead of the coming week, Investing.com has compiled a list of
these and other significant events likely to affect the markets.
Monday, April 22
The U.S. is to release private sector data on existing home sales,
a leading indicator of demand in the housing market.
Tuesday, April 23
The euro zone is to release data on manufacturing and service
sector activity across the currency bloc, while Germany and France
are to release individual reports.
The U.S. is to produce official data on new home sales as well as
preliminary data on manufacturing activity.
Wednesday, April 24
In the euro zone, Germany and Italy are to hold auctions of 10-year
government bonds. Meanwhile, the Ifo Institute is to release a
report on German business climate, a leading economic indicator.
The U.S. is to release government data on durable goods orders, a
leading indicator of production, as well as data on crude oil
Thursday, April 25
Spain is to publish official data on the unemployment rate, a
leading economic indicator.
The U.S. is to produce the weekly government report on initial
jobless claims later in the trading day.
Friday, April 26
The U.S. is to round up the week with preliminary data on first
quarter growth, the broadest indicator of economic activity and the
leading measure of the economy's health.
The U.S. is also to release revised data from the University of
Michigan on consumer sentiment and inflation expectations.
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