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Forex - Euro steady against dollar in quiet trade

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Forexpros - The euro was steady against the U.S. dollar on Monday, trading close to the daily high as risk appetite made a cautious reemergence amid expectations that Federal Reserve Chairman Ben Bernanke may indicate that fresh measures to boost the U.S. economy are planned.

EUR/USD hit 1.4434 during U.S. morning trade, the daily high; the pair subsequently consolidated at 1.4414, gaining 0.14%.

The pair was likely to find support at 1.4258, Friday's low and a four-day low and resistance at 1.4452, Friday's high.

Risk sentiment improved on the back of mounting speculation that Fed Chairman Ben Bernanke could indicate that further monetary stimulus may be necessary when he speaks at an economic symposium in Jackson Hole, Wyoming, on Friday.

But the euro's gains were limited after German Chancellor Angela Merkel reiterated her opposition to calls for the euro zone to issue joint euro-denominated bonds, saying that such measures would do little to alleviate debt concerns.

Meanwhile, the euro was almost unchanged against the pound, with EUR/GBP inching up 0.01% to hit 0.8743.

Also Monday, German Finance Minister Wolfgang Schaeuble said in a radio interview that the euro remained a stable currency, adding that markets still had confidence in the single currency.

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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.

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