Shutterstock photo
Markets

Forex – EUR/USD eases off 3-week low but debt concerns linger

Shutterstock photo

Shutterstock photo

Forex Pros - The euro eased up against the U.S. dollar on Thursday, but remained close to a three-week low as lingering uncertainty over whether Greece will need to receive more bailout funding weighed on risk appetite.

EUR/USD hit 1.4235 during late Asian trade, the daily high; the pair subsequently consolidated at 1.4204, easing up 0.09%.

The pair was likely to find short-term support at 1.4061, the low of April 4 and resistance at 1.4422, Wednesday's high.

On Tuesday, Germany's deputy finance minister said that euro zone officials will debate Greece's debt crisis next week but no decision will be taken. He added the sovereign debt crisis in some European countries was not a crisis of the euro.

Meanwhile, Standard & Poor's said Portuguese banks could possibly require more significant government support, which could place downward pressure on the country's sovereign ratings.

The euro also edged higher against the pound, with EUR/GBP easing up 0.04% to hit 0.8684.

Later Thursday, the U.S. was to publish a report on initial jobless claims as well as official data on producer price inflation and retail sales. In addition, Federal Reserve Chairman Ben Bernanke was to testify before the Senate Banking Committee in Washington.

The euro zone was to publish official data on industrial production, while the European Central Bank was to publish its monthly bulletin.

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