Investing.com – The euro pared gains against the U.S. dollar on Thursday, retreating from a 3-day high after official data showed that manufacturing activity in the U.S. state of Philadelphia jumped significantly more-than-expected in November.
EUR/USD retreated from 1.3667, the pair’s highest since November 15, to hit 1.3601 during European afternoon trade, gaining 0.52%.
The pair was likely to find support at 1.3459, Wednesday’s low and resistance at 1.3749, the high of November 15.
Earlier in the day, the Federal Reserve Bank of Philadelphia said that its manufacturing index leaped to 22.0 in November, after rising to 1.0 in October. Analysts had expected the index to rise to 4.5 in November.
All of the survey's broad indicators of economic performance showed improvement from their reading in October, and firms reported an increase in employment and work hours. In addition, the survey's broad indicators of future activity suggested that firms remained optimistic about growth over the next six months.
In a separate report, the U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending November 13 rose to a seasonally adjusted 439K, after rising to an upwardly revised 437K in the preceding week.
Analysts had expected initial jobless claims to rise to 442K in the week ending November 13.
Meanwhile, the euro was down against the pound, with EUR/GBP slipping 0.02% to hit 0.8504.
Earlier Thursday, Irish Central bank Governor Patrick Honohan said that he expected the country to receive tens of billions of euros in loans from the EU and the IMF to help recapitalize the country’s stricken banking sector.
EUR/USD retreated from 1.3667, the pair’s highest since November 15, to hit 1.3601 during European afternoon trade, gaining 0.52%.
The pair was likely to find support at 1.3459, Wednesday’s low and resistance at 1.3749, the high of November 15.
Earlier in the day, the Federal Reserve Bank of Philadelphia said that its manufacturing index leaped to 22.0 in November, after rising to 1.0 in October. Analysts had expected the index to rise to 4.5 in November.
All of the survey's broad indicators of economic performance showed improvement from their reading in October, and firms reported an increase in employment and work hours. In addition, the survey's broad indicators of future activity suggested that firms remained optimistic about growth over the next six months.
In a separate report, the U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending November 13 rose to a seasonally adjusted 439K, after rising to an upwardly revised 437K in the preceding week.
Analysts had expected initial jobless claims to rise to 442K in the week ending November 13.
Meanwhile, the euro was down against the pound, with EUR/GBP slipping 0.02% to hit 0.8504.
Earlier Thursday, Irish Central bank Governor Patrick Honohan said that he expected the country to receive tens of billions of euros in loans from the EU and the IMF to help recapitalize the country’s stricken banking sector.