Forex - EUR/USD gains on French industrial production data
Published Feb 11, 2013 11:24AM ET
In U.S. trading on Monday, EUR/USD was up 0.37% at 1.3419, up from a session low of 1.3358 and off from a high of 1.3428.
The pair was likely to find support at 1.3354, Friday's low, and resistance at 1.3711, the high from Feb. 1.
France's industrial production contracted by 0.1% in December from the month before, less than market calls for a 0.2% contraction though still down from November's 0.5% gain.
The numbers enticed investors to snap up nicely priced euro positions, which have hit 2-week lows on political concerns in Spain, where Prime Minister Mariano Rajoy has faced calls to resign in wake of allegations that he and senior officials in the ruling Popular Party took kickbacks.
Meanwhile, eurozone finance ministers are meeting in Brussels to brainstorm ways to firewall and extinguish the debt crisis, which supported the single currency against the greenback.
EU leaders recently agreed to common budget cuts, under which European governments will contribute slightly less to the umbrella spending package.
The euro, meanwhile, was up against the pound and up against the yen, with EUR/GBP trading up 1.25% at 0.8568, and EUR/JPY trading up 1.19% at 125.39.
On Tuesday in the eurozone, the Economic and Financial Affairs Council will hold talks in Brussels.
Later in the day, the U.S. is to publish data on the federal budget balance.
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Written By: Investing.com
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