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Forex - EUR/USD gains on soft U.S. data, Ukraine events

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Investing.com -

Investing.com - The euro firmed against the dollar on Friday after consumer sentiment numbers disappointed investors, while news of escalating tensions in Ukraine spooked markets, which also came at the greenback's expense.

In U.S. trading, EUR/USD was up 0.18% at 1.3389, up from a session low of 1.3359 and off a high of 1.3412.

The pair was likely to find support at 1.3336, Tuesday's low, and resistance at 1.3415, Wednesday's high.

The preliminary Thomson Reuters/University of Michigan consumer sentiment index ticked down to a nine-month low of 79.2 in August from 81.8 in July. Analysts had expected the index to rise to 82.5 this month, and the disappointing figure weakened the dollar.

Separately, the New York Federal Reserve said that its Empire State manufacturing index fell to a four-month low of 14.69 this month, from a reading of 25.60 in July, worse than expectations for a decline to 20.0.

Data also showed that U.S. producer price inflation rose 0.1% on year last month, in line with expectations, after a 0.4% increase in June.

Core producer price inflation, which excludes food, energy and trade, rose 0.2% in July, in line with market projections, and after a 0.2% gain the previous month.

A separate report showed that U.S. industrial production rose 0.4% in July, beating expectations for a 0.3% gain, but geopolitical events eclipsed the data.

News that Ukrainian troops destroyed a portion of a Russian column of armored vehicles inside Ukraine rattled nerves on Wall Street, which kept the greenback in negative territory versus the single currency.

Elsewhere, the euro was up against the pound, with EUR/GBP up 0.16% at 0.8022, and down against the yen, with EUR/JPY down 0.10% at 136.80.

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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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