Forex - EUR/USD inches higher but debt concerns weigh
Investing.com
Published May 11, 2011 02:32AM ET
EUR/USD hit 1.4423 during late Asian trade, the pair’s highest since Monday; the pair subsequently consolidated at 1.4414, easing up 0.03%.
The pair was likely to find support at 1.4269, Tuesday’s low and resistance at 1.4587, last Friday’s high.
On Tuesday, media reports, citing a senior Greek government official, said Athens expected to receive a new aid package totaling almost EUR60 billion as soon as next month. Greece subsequently denied the report.
The euro remained supported by expectations that the European Central Bank will raise interest rates again in the coming months, even though markets were disappointed last week when the bank held back from signaling a rate hike next month.
The euro also eased higher against the pound, with EUR/GBP easing up 0.06% to hit 0.8808.
Later in the day, the U.S. was to publish official data on its trade balance.
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Written By: Investing.com
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