Shutterstock photo
Markets

Forex - EUR/JPY trims gains after rise in U.S. jobless claims

Shutterstock photo

Shutterstock photo

Forexpros - The euro trimmed gains against the yen on Thursday, following the release of worse-than-expected data on U.S. jobless claims and amid uncertainty ahead of a speech by Federal Reserve Chairman Ben Bernanke on Friday.

EUR/JPY pulled back from 111.63, the pair's highest since August 8 to hit 111.14 during European afternoon trade, still up 0.18% over the day.

The pair was likely to find support at 110.00, the low of August 22 and resistance at 111.62, the days high.

Market sentiment was dented after the U.S. Labor Department said the number of people who filed for unemployment assistance in the U.S. last week unexpectedly rose by 5,000 to a seasonally adjusted 417,000, confounding expectations for a decline to 405,000.

The previous week's figure was revised up to 412,000 from 408,000.

Trade remained subdued as investors waited to see if Fed chair Bernanke will indicate that the central bank is contemplating a third round of monetary stimulus measures in an effort to stimulate the U.S. economy.

The euro was also slightly higher against the Swiss franc, with EUR/CHF inching up 0.07% to hit 1.1476.

Also Thursday, a report showed that the Gfk German consumer climate index for September dipped to 5.2 from a final reading of 5.3 in August, amid concerns that global economic weakness will affect the domestic economy. The decline was in line with economists expectations.

Forex News

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

ForEx

Latest Markets Videos