Investing.com - The euro was steady close to one-week highs against the dollar on Thursday after strong German economic data tempered expectations for a rate cut by the European Central Bank.
EUR/USD hit 1.3168 during late Asian trade, the session high; the pair subsequently consolidated at 1.3156, inching up 0.04%.
The pair was likely to find support at 1.3070, Wednesday’s low and resistance at 1.3193, Wednesday’s high.
German industrial output jumped 1.2% in March data on Wednesday showed, confounding expectations for a 0.1% decline.
The report came a day after data showed that German factory orders also beat expectations in March, rising 2.2%, the fastest rate of growth since October 2012.
The data fuelled optimism over the outlook for first quarter growth in the euro zone’s largest economy after Germany’s gross domestic product contracted by 0.5% in the three months to December.
The data also dampened speculation over the possibility of further rate cuts by the ECB after the bank indicated Monday that further rate cuts were possible.
The euro was little changed against the pound, with EUR/GBP dipping 0.01% to 0.8464 and was lower against the yen, with EUR/JPY down 0.27% to 129.85.
The U.S. was to release official data on initial jobless claims later in the trading day.
EUR/USD hit 1.3168 during late Asian trade, the session high; the pair subsequently consolidated at 1.3156, inching up 0.04%.
The pair was likely to find support at 1.3070, Wednesday’s low and resistance at 1.3193, Wednesday’s high.
German industrial output jumped 1.2% in March data on Wednesday showed, confounding expectations for a 0.1% decline.
The report came a day after data showed that German factory orders also beat expectations in March, rising 2.2%, the fastest rate of growth since October 2012.
The data fuelled optimism over the outlook for first quarter growth in the euro zone’s largest economy after Germany’s gross domestic product contracted by 0.5% in the three months to December.
The data also dampened speculation over the possibility of further rate cuts by the ECB after the bank indicated Monday that further rate cuts were possible.
The euro was little changed against the pound, with EUR/GBP dipping 0.01% to 0.8464 and was lower against the yen, with EUR/JPY down 0.27% to 129.85.
The U.S. was to release official data on initial jobless claims later in the trading day.