Investing.com - Financial Markets Worldwide
🧐 ProPicks AI October update is out now! See which stocks made the listPick Stocks with AI

Forex - EUR/USD steady in cautious trade

Published 09/26/2013, 02:39 AM
EUR/USD
-
EUR/GBP
-

Investing.com - The euro was steady against the U.S. dollar on Thursday, as investors remained cautious amid ongoing uncertainty over the future of the Federal Reserve's stimulus program and as U.S. budget concerns also lingered.

EUR/USD hit 1.3512 during late Asian trade, the session low; the pair subsequently consolidated at 1.3518, easing 0.06%.

The pair was likely to find support at 1.3463, Wednesday's low and resistance at 1.3568, the high of September 19 and a seven-month high.

Investors were eyeing the final reading of U.S. second quarter gross domestic product due later in the day, after a recent string of economic reports underlined concerns over the outlook for the U.S. economic recovery.

Stronger-than-expected GDP data would likely fuel speculation that the Fed could announce a stimulus reduction before the year end.

Last week, the Fed said it wanted to see more evidence of a sustained economic recovery before it reduced stimulus.

Separately, U.S. budget concerns weighed as Republican leaders in the U.S. House of Representatives notified members that a vote on raison the debt limit could come as early as Friday.

The euro remained mildly supported after data on Wednesday showed that German consumer confidence is seen rising to the highest level since June 2007 in October.

The forward looking GfK index of German consumer confidence rose to 7.1, and this month’s reading was revised up from 6.9 to 7.

The euro was also steady against the pound with EUR/GBP dipping 0.05%, to hit 0.8407.

Later in the day, the U.S. was to release the weekly report on initial jobless claims, as well as final data on second quarter growth and private sector data on pending home sales.


Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.