Shutterstock photo
Markets

Forex - EUR/USD rangebound as Bernanke speech awaited

Shutterstock photo

Shutterstock photo

Forexpros - The euro was higher against the U.S. dollar on Thursday, but the pair looked likely to remain rangebound as investors remained focused on speech by U.S. Federal Reserve Chairman Ben Bernanke on Friday.

EUR/USD hit 1.4475 during European early afternoon, the daily high; the pair subsequently consolidated at 1.4442, rising 0.20%.

The pair was likely to find support at 1.4270, the low of August 18 and short-term resistance at 1.4499, Tuesday's high and a four-day high.

Trade remained subdued as investors waited to see if Fed chair Bernanke will indicate that the central bank is contemplating a third round of monetary stimulus measures in an effort to stimulate the economy.

Elsewhere, a report earlier showed that the Gfk German consumer climate index for September dipped to 5.2 from a final reading of 5.3 in August, amid concerns that global economic weakness will affect the domestic economy.

The decline was in line with economists expectations.

The euro was also higher against the pound, with EUR/GBP rising 0.21% to hit 0.8821.

Later in the day, the U.S. was to publish government data on initial jobless claims.

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