Shutterstock photo
Markets

Forex - EUR/USD steady as spotlight on Fed’s Bernanke

Shutterstock photo

Shutterstock photo

Forexpros - The euro was steady against the U.S. dollar on Thursday, amid speculation over whether Federal Reserve Chairman Ben Bernanke will outline a fresh round of economic stimulus at the Fed's annual economic conference.

EUR/USD hit 1.4426 during late Asian trade, the daily low; the pair subsequently consolidated at 1.4420, easing up 0.04%.

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

Investors remained concerned that Bernanke will not point to another round of bond-buying when he speaks Friday at the central bank's conference in Jackson Hole, Wyoming amid fears that the U.S. is slipping into a recession.

The dollar remained supported after government data on Wednesday showed U.S. orders for long lasting manufactured goods jumped by a seasonally adjusted 4.0% in July, doubling expectations for a 2.0% gain.

Meanwhile, the euro was fractionally lower against the pound, with EUR/GBP dipping 0.05% to hit 0.8797.

Later in the day, the euro zone was to publish a report on Gfk German consumer climate, while 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