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Forex - EUR/USD steady as rate rise outlook lends support

Published 04/11/2011, 06:40 AM
EUR/USD
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EUR/GBP
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Investing.com – The euro was trading just off a 15-month peak against the U.S. dollar on Monday, as expectations for further rate increases by the European Central Bank this year supported the single currency.

EUR/USD hit 1.4441 during European late morning trade, the daily low; the pair subsequently consolidated at 1.4465, slipping 0.12%.

The pair was likely to find support at 1.4290, Friday’s low and short-term resistance at 1.4577, the high of January 13, 2010.

The euro has rallied against the dollar this year as improving economic growth in Germany and accelerating inflation, which reached a two-year high in March, boosted speculation that interest rates would be lifted.

On Thursday, the ECB increased its key interest rate for the first time since July 2008 to 1.25% from 1% and left the door open for further rate increases.

Meanwhile, the euro was almost unchanged against the pound, with EUR/GBP easing up 0.01% to hit 0.8840.

Later in the day, the Federal Reserve Bank of Chicago President Charles Evans was to speak. Also Monday, Federal Reserve Governor Janet Yellen was to speak in New York.

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