© Reuters. Euro drops against greenback amid Fed, ECB speculation Investing.com – The euro re-approached seven-month lows against the U.S. dollar on Friday, as expectations for a December rate hike in the U.S. broadly supported the greenback, while speculation over additional easing measures in the euro zone pressured the single currency lower.
hit 1.0569 during U.S. morning trade, the pair’s lowest since Wednesday; the pair subsequently consolidated at 1.0583, sliding 0.27%.
The pair was likely to find support at 1.0564, Wednesday’s low and a seven-month low and resistance at 1.0690, Wednesday’s high.
The greenback remained broadly supported after a string of upbeat U.S. data released over the week added to expectations that the Federal Reserve will raise interest rates next month.
However, the euro’s gains were held in check since last week that the bank is ready to act quickly to boost inflation in the euro zone and can also change the level of its deposit rate to boost the impact of quantitative easing.
Earlier Friday, preliminary data showed that rose 0.3% this month, beating expectations for a 0.2% uptick and after an increase of 0.6% in October.
The euro was steady against the pound, with at 0.7026.
In the U.K., the Office for National Statistics reported on Friday that rose 0.5% in the third quarter, in line with expectations and with a previous estimate.
Year-on-year, expanded 2.3% in the three months to September, as expected and in line with an initial estimate.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Foreign exchange - EUR/USD re-approaches 7-month lows, eyes on central banks
No comments:
Post a Comment