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Forex - EUR/USD trims losses after U.S. data, Greece concerns weigh

Published 10/26/2012, 09:54 AM
Updated 10/26/2012, 09:55 AM
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Investing.com - The euro trimmed losses against the U.S. dollar on Friday, after the release of better-than-forecast U.S. gross domestic product data, although concerns over the financial crisis in Greece limited the single currency's gains.

EUR/USD pulled away from 1.2884, the pair's lowest since October 11, to hit 1.2927 during European afternoon trade, still down 0.05%.

The pair was likely to find support at 1.2824, the low of October 11 and resistance at 1.2978, the high of October 15.

In a preliminary report, the Bureau of Economic Analysis said that U.S. GDP rose to a seasonally adjusted annual rate of 2.0% in the third quarter, from 1.3% in the previous quarter.

Analysts had expected U.S. gross domestic product to rise 1.9% in the last quarter.

Sentiment on the euro remained vulnerable however, amid concerns over Greece's financial troubles after a report from the International Monetary Fund said Greek debt would be above the target agreed with international lenders.

The Greek government responded by saying that a deal on Athens' latest austerity package was being held up by opposition from a coalition ally.

Markets were also jittery amid ongoing uncertainty over when Spain will request a bailout and trigger the European Central Bank's bond-buying programme.

The euro was steady against the pound with EUR/GBP dipping 0.02%, to hit 0.8022.

Also Friday, a Gfk report showed that its consumer climate index for Germany improved unexpectedly to 6.3 in October from a reading of 6.1 the previous month.

Analysts had expected the index to tick down to 5.9 in October.

A separate report showed that Spain's unemployment rate rose to 25.0% in the second quarter, from a rate of 24.6% the previous quarter, barely beating expectations for a rise to 25.1%.


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