Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

Forex - EUR/USD hits fresh 7-month highs after U.S. jobless data

Published 09/19/2013, 08:47 AM
EUR/USD
-
EUR/GBP
-
Investing.com - The euro rose to fresh seven-month highs against the U.S. dollar on Thursday, after data showed that U.S. jobless claims rose less than expected last week, while the Federal Reserve's decision to leave its stimulus program unchanged continued to weigh on the greenback.

EUR/USD hit 1.3568 during European afternoon trade, the pair's highest since February 7; the pair subsequently consolidated at 1.3543, adding 0.16%.

The pair was likely to find support at 1.3338, Wednesday's low and resistance at 1.3596, the high of February 6.

The Department of Labor said the number of people who filed for unemployment assistance in the U.S. in the week ending September 13 rose by 15,000 to a seasonally adjusted 309,000 from an upwardly revised 294,000 the previous week.

Analysts had expected the number of people who filed for unemployment assistance to rise by 36,000 to 330,000 last week.

A separate report showed that the U.S. current account deficit narrowed to USD98.9 billion in the second quarter, from an downwardly revised deficit of USD104.9 billion in the three months to March. Analysts had expected the current account deficit to improve to a USD97 billion.

The data came a day after the Fed held back from reducing the USD85 billion pace of its monthly asset purchases.

Speaking after the conclusion of the Fed's two-day policy-setting meeting, Fed Chairman Ben Bernanke Bernanke said he wanted to "wait a bit longer and to try to get confirming evidence" that the economy is showing signs of lasting improvement.

Bernanke refused to commit to reducing bond purchases this year, saying the stimulus program was "not on a preset course."

Separately, the Fed cut its projection for 2013 economic growth to a 2.0% to 2.3% range from a June estimate of 2.3% to 2.6%.

The euro was also higher against the pound with EUR/GBP climbing 0.57%, to hit 0.8424.

Later in the day, the U.S. was to release the Philly Fed manufacturing index as well as data on existing home sales.


Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.