Investing.com - The U.S. dollar traded higher against the euro in early U.S. trade Friday, setting up for a potential third five day advance, on anticipation of bullish industrial production and consumer sentiment numbers later in the session.
EUR/USD hit a session low of 1.3050 and a high of 1.3100 prior to trading at 1.3074, down 0.04%
The pair was likely to find support at 1.2974, the low of February 16 and resistance at 1.3100, the session high.
The U.S. dollar was strengthened on anticipation that industrial production at U.S. factories, mines and utilities increased 0.4% prior to the official data being released later in today.
In addition, the Thomson Reuters/University of Michigan preliminary index of consumer sentiment is expected to hit a one year high of 76 in March adding to the greenback’s bullishness. The actual report will be released later in the session.
Worries that the European Central Bank may refrain from taking further action to fight Europe’s debt crisis, despite inflation nearing its 2% limit even as the economy contracts weighed on the single currency.
The ECB stated in its monthly bulletin yesterday inflation is likely to stay above 2% with prevailing upside risk, increasing euro zone worries.
Sparking the greenback’s rally, investors reduced expectations for additional monetary easing after the Fed upgraded its outlook for the economy during the rate statement Tuesday.
The euro was lower against the pound, with EUR/GBP falling 0.20% to trade at 0.8309, but advanced against the yen, with EUR/JPY adding 0.16% to trade at 109.50.
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Forex- EUR/USD lower on bullish U.S. data anticipation
Published 03/16/2012, 07:28 AM
Updated 03/16/2012, 07:31 AM
Forex- EUR/USD lower on bullish U.S. data anticipation
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