Forex - EUR/USD holds steady above 11-month low
Investing.com
Published Dec 27, 2011 02:19AM ET
EUR/USD hit 1.3077 during late Asian trade, the daily high; the pair subsequently consolidated at 1.3069, edging up 0.07%.
The pair was likely to find support at 1.3016, the low of December 22 and resistance at 1.3131, the high of December 20.
Trading volumes were low, resulting in subdued trade as many investors were already away on year-end leave, resulting in subdued trade.
Government data showed Friday that U.S. new home sales rose to a seven-month high in November, while durable goods orders rose a better-than-expected 3.8% in November from October.
Both reports came amid a week marked by bullish U.S. economic indicators, including a report showing that initial jobless claims fell to the lowest level since April 2008.
Meanwhile, the threat of mass credit ratings downgrades for euro zone countries still lingered, with Standard & Poor's yet to announce if it will cut ratings on any of the 15 countries it has on credit watch negative.
Investors were also eyeing Italian three and ten-year bond auctions this week. The yield on Italy’s ten-year bonds topped the critical 7% threshold on Friday, adding to concerns over handling of the country’s financial troubles.
Elsewhere, the euro was fractionally lower against the pound with EUR/GBP edging down 0.01%, to hit 0.8353.
Later in the day, the U.S. was to publish industry data on house price inflation, as well as a report on consumer confidence and manufacturing activity in Richmond.
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Written By: Investing.com
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