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Forex - EUR/USD edges higher on Bernanke, German data

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Investing.com - The euro edged higher against the U.S. dollar on Friday, as fresh comments by Federal Reserve Chairman Ben Bernanke weighed on the greenback, while better-than-expected German inflation data lent some support to the single currency.

EUR/USD hit 1.3151 during late Asian trade, the pair's highest since July 16; the pair subsequently consolidated at 1.3133, adding 0.19%.

The pair was likely to find support at 1.3052, the low of July 16 and resistance at 1.3206, the high of July 10.

In his second day of testimony on monetary policy before the Financial Services Committee in Congress, Bernanke reiterated that monetary policy will remain highly accommodative, even as the central bank starts to pare back its bond buying.

On Wednesday, Bernanke said the central bank expects to start tapering bond purchases by the end of the year, but added that there was no "preset course."

He added that the bank's bond purchase program could be tapered at a faster pace, slower pace or even temporarily increased depending on economic and financial developments.

Elsewhere, official data earlier showed that producer price inflation in German was flat in June, confounding expectations for a 0.1% downtick, after a 0.3% decline the previous month.

The euro was higher against the pound with EUR/GBP rising 0.20%, to hit 0.8627.

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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.

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