Investing.com - The euro was trading in a narrow range against the U.S. dollar on Thursday, as speculation that the Federal Reserve is moving away from an easing policy supported the greenback ahead of the release of a flurry of U.S. economic data.
EUR/USD hit 1.3004 during European early afternoon trade, the pair’s lowest since February 16; the pair subsequently consolidated at 1.3055, gaining 0.18%.
The pair was likely to find support at 1.3003, the session low and the pair’s lowest since February 16 and resistance at 1.3158, the high of March 12.
The greenback remained supported after the Federal Reserve upgraded its outlook on the U.S. economy earlier this week, causing investors to trims back expectations for a third round of quantitative easing by the central bank.
In the euro zone, official data earlier showed that the number of people employed across the single currency bloc fell by 0.2% in the last three months of 2011 and also 0.2% year on year, in line with expectations.
Elsewhere Thursday, Spain auctioned EUR3 billion of bonds at an auction which met with solid investor demand and lower borrowing costs.
The euro was slightly higher against the pound, but slipped against the yen, with EUR/GBP easing up 0.19% to hit 0.8329 and EUR/JPY losing 0.12% to hit 108.97.
Later in the day, the U.S. was to release government data on producer price inflation, as well as official data on unemployment claims. The country was also to produce reports on manufacturing activity in New York and Philadelphia.
EUR/USD hit 1.3004 during European early afternoon trade, the pair’s lowest since February 16; the pair subsequently consolidated at 1.3055, gaining 0.18%.
The pair was likely to find support at 1.3003, the session low and the pair’s lowest since February 16 and resistance at 1.3158, the high of March 12.
The greenback remained supported after the Federal Reserve upgraded its outlook on the U.S. economy earlier this week, causing investors to trims back expectations for a third round of quantitative easing by the central bank.
In the euro zone, official data earlier showed that the number of people employed across the single currency bloc fell by 0.2% in the last three months of 2011 and also 0.2% year on year, in line with expectations.
Elsewhere Thursday, Spain auctioned EUR3 billion of bonds at an auction which met with solid investor demand and lower borrowing costs.
The euro was slightly higher against the pound, but slipped against the yen, with EUR/GBP easing up 0.19% to hit 0.8329 and EUR/JPY losing 0.12% to hit 108.97.
Later in the day, the U.S. was to release government data on producer price inflation, as well as official data on unemployment claims. The country was also to produce reports on manufacturing activity in New York and Philadelphia.