Investing.com – The euro extended gains to hit a fresh 7-week high against the U.S. dollar on Thursday, after better-than-expected U.S. jobs data and following remarks by European Central Bank president, Jean-Claude Trichet.
EUR/USD hit 1.2701 during European afternoon trade, the pairs highest since May 12; the pair subsequently consolidated at 1.2675, gaining 0.32%.
The pair was likely to find support at 1.2553, Wednesday's low, and resistance at 1.2856, the high of May 6.
Earlier Thursday, U.S. official data showed that the number of people filing claims for initial jobless assistance fell to a seasonally adjusted 454,000 in the week ending July 3, after advancing 475,000 in the preceding week, whose figure was revised up from 472,000.
Analysts had expected a figure of 460,000 in the week ending July 3.
Also Thursday, speaking at the press conference following the ECB's interest rate decision, Trichet said that banks must be ready to expand lending when the economic recovery gathers strength and welcomed the European Union’s decision to publish stress tests for banks.
The euro was also up against the pound with EUR/GBP gaining 0.68% to hit 0.8374.
Earlier in the day, the ECB left its benchmark interest rate unchanged at 0.1%.
EUR/USD hit 1.2701 during European afternoon trade, the pairs highest since May 12; the pair subsequently consolidated at 1.2675, gaining 0.32%.
The pair was likely to find support at 1.2553, Wednesday's low, and resistance at 1.2856, the high of May 6.
Earlier Thursday, U.S. official data showed that the number of people filing claims for initial jobless assistance fell to a seasonally adjusted 454,000 in the week ending July 3, after advancing 475,000 in the preceding week, whose figure was revised up from 472,000.
Analysts had expected a figure of 460,000 in the week ending July 3.
Also Thursday, speaking at the press conference following the ECB's interest rate decision, Trichet said that banks must be ready to expand lending when the economic recovery gathers strength and welcomed the European Union’s decision to publish stress tests for banks.
The euro was also up against the pound with EUR/GBP gaining 0.68% to hit 0.8374.
Earlier in the day, the ECB left its benchmark interest rate unchanged at 0.1%.