Shutterstock photo
Markets

Forex - EUR/USD gains on euro zone data, U.S. airstrikes in Iraq

Shutterstock photo

Shutterstock photo

Investing.com -

Investing.com - The euro firmed against the dollar on Friday as markets applauded upbeat French industrial production data, while the dollar came under pressure after the U.S. authorized airstrikes in Iraq to halt a Sunni insurgency.

In U.S. trading, EUR/USD was up 0.39% at 1.3416, up from a session low of 1.3343 and off a high of 1.3433.

The pair was likely to find support at 1.3333, Wednesday's low, and resistance at 1.3445, the high from Aug. 1.

Earlier Friday, data revealed that French industrial production rose 1.3% in June, exceeding expectations for a 1.0% gain, after a decline of 1.6% in May, whose figure was revised from a previously estimated 2.3% drop, which gave the euro an edge over the dollar.

Elsewhere, Germany's trade surplus narrowed to €16.2 billion in June from €18.8 billion in May.

Analysts had expected the trade surplus to narrow to €17.5 billion in June.

Geopolitical concerns, meanwhile, weakened the dollar.

U.S. President Barack Obama gave the go-ahead for air strikes in Iraq to halt a Sunni insurgency, which fueled safe-haven demand for the yen over the U.S. currency that added to the euro's appeal.

President Obama approved targeted strikes to protect Iraqi civilians from the insurgency as well as and U.S. personnel in Iraq.

The Iraqi government requested assistance.

Elsewhere, the euro was up against the pound, with EUR/GBP up 0.69% at 0.7995, and up against the yen, with EUR/JPY up 0.17% at 136.66.

Investing.com offers an extensive set of professional tools for the financial markets.

Read more News on Investing.com and download the new Investing.com Stocks & Forex App for Android!

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