Investing.com - The euro pulled back from session lows against the dollar on Thursday as investors eyed a Senate hearing to confirm Janet Yellen as the first chairwoman of the Federal Reserve.
EUR/USD traded down 0.24% to 1.3453 during U.S. morning trade, after falling as low as 1.3391 earlier.
The pair was likely to find support at 1.3358, Tuesday’s low and resistance at 1.3525.
Market participants were looking to the Senate hearing for indications on the future course of U.S. monetary policy following dovish remarks by Ms. Yellen on Wednesday.
In a prepared statement, Ms. Yellen said the job market and economy were "performing far short of their potential" and there is "more work to do" on recovery.
The euro fell to session lows against the dollar earlier after data showed that the euro zone recovery slowed more than expected in the third quarter.
Eurostat said the euro zone economy expanded by 0.1% in the three months to September, slowing from the 0.3% growth achieved in the second quarter when the euro zone exited a recession. Economist had forecast quarter-on-quarter growth of 0.2%.
The euro zone economy contracted at an annual rate of 0.4% in the third quarter, worse than expectations for a 0.3% contraction, after shrinking at an annual rate of 0.6% in the previous quarter.
In the U.S., the Labor Department said Thursday that the number of individuals filing for initial jobless benefits last week declined by 2,000 to a seasonally adjusted 339,000. Analysts had expected U.S. jobless claims to fall by 11,000.
A separate report showed that the U.S. trade deficit widened to USD41.8 billion in September from a deficit of USD38.7 billion in August.
The euro was higher against the broadly weaker yen, with EUR/JPY rising 0.54% to 134.51.
Elsewhere, the dollar was at two-month highs against the yen, with USD/JPY advancing 0.74% to 99.96.
The yen slid after Japanese Finance Minister Taro Aso said Thursday it is important for Japan to retain currency market intervention as a policy option to utilize in time of excess volatility in markets.
The dollar received an additional boost after data showed that Japan’s economy grew by 0.5% in the third quarter, beating forecasts for growth of 0.4%, but the annual rate of growth slowed to 1.9%, down sharply from the 4.3% expansion in the second quarter.
EUR/USD traded down 0.24% to 1.3453 during U.S. morning trade, after falling as low as 1.3391 earlier.
The pair was likely to find support at 1.3358, Tuesday’s low and resistance at 1.3525.
Market participants were looking to the Senate hearing for indications on the future course of U.S. monetary policy following dovish remarks by Ms. Yellen on Wednesday.
In a prepared statement, Ms. Yellen said the job market and economy were "performing far short of their potential" and there is "more work to do" on recovery.
The euro fell to session lows against the dollar earlier after data showed that the euro zone recovery slowed more than expected in the third quarter.
Eurostat said the euro zone economy expanded by 0.1% in the three months to September, slowing from the 0.3% growth achieved in the second quarter when the euro zone exited a recession. Economist had forecast quarter-on-quarter growth of 0.2%.
The euro zone economy contracted at an annual rate of 0.4% in the third quarter, worse than expectations for a 0.3% contraction, after shrinking at an annual rate of 0.6% in the previous quarter.
In the U.S., the Labor Department said Thursday that the number of individuals filing for initial jobless benefits last week declined by 2,000 to a seasonally adjusted 339,000. Analysts had expected U.S. jobless claims to fall by 11,000.
A separate report showed that the U.S. trade deficit widened to USD41.8 billion in September from a deficit of USD38.7 billion in August.
The euro was higher against the broadly weaker yen, with EUR/JPY rising 0.54% to 134.51.
Elsewhere, the dollar was at two-month highs against the yen, with USD/JPY advancing 0.74% to 99.96.
The yen slid after Japanese Finance Minister Taro Aso said Thursday it is important for Japan to retain currency market intervention as a policy option to utilize in time of excess volatility in markets.
The dollar received an additional boost after data showed that Japan’s economy grew by 0.5% in the third quarter, beating forecasts for growth of 0.4%, but the annual rate of growth slowed to 1.9%, down sharply from the 4.3% expansion in the second quarter.