Investing.com - The euro traded higher against the U.S. dollar Friday as St. Louis Federal Reserve President, James Bullard stated that monetary policy may be at a turning point as the U.S. economy strengthens and U.S. new homes sales report anticipation.
EUR/USD traded at 1.3250 up 0.37% in early U.S. trade, after swinging to a low of 1.3191 and a high of 1.3293.
The pair was likely to find support at 1.3134, Thursday’s low and resistance at 1.3293, today’s high.
Sparking the greenback’s decline, President Bullard of the St. Louis Fed stated during a speech in Hong Kong, “With Fed policy currently on pause, it may be a good time to take stock of whether we may be at a turning point. The outlook has improved markedly.”
This statement created concerns that monetary policy may be changing in the world’s largest economy, leading to selling in the U.S. dollar.
Anticipation is running high that the U.S. new home sales report, released later in the session, will indicate an increase to 325,000 annual rate in February.
This would mark the fastest growth since December, 2010 further supporting possible change in monetary policy
Meanwhile, the single currency traded higher against the pound with EUR/GBP up 0.17%, to hit 0.8358.
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Forex - EUR/USD higher on Fed words, Housing anticipation
Published 03/23/2012, 07:29 AM
Updated 03/23/2012, 07:30 AM
Forex - EUR/USD higher on Fed words, Housing anticipation
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