Forex - EUR/USD steady after U.S. durables report
Investing.com
Published Aug 26, 2013 10:23AM ET
EUR/USD hit 1.3394 during U.S. morning trade, the session high; the pair subsequently consolidated at 1.3379, inching up 0.01%.
The pair was likely to find support at 1.3322, Friday’s low and resistance at 1.3426, the high of August 21.
The euro briefly touched session highs against the greenback after the Commerce Department said U.S. durable goods orders dropped 7.3% in July, worse than expectations for a 4% decline. It was the largest decline since August 2012.
Core durable goods orders, excluding volatile transportation items, fell 0.6% last month, defying expectations for a 0.5% increase.
The data came after a report on Friday showed that U.S. new home sales fell by a larger-than-forecast 13.4% in July, the largest decline in more than three years.
The weak data raised further doubts over whether the Federal Reserve will start to taper its USD85 billion-a-month asset purchase program next month.
Demand for the single currency continued to be underpinned after a senior European Central Bank policymaker said Friday he did not see many arguments for a rate cut following a recent series of improved economic data from the region.
Elsewhere, the euro was lower against the pound and the yen, with EUR/GBP dipping 0.06% to 0.8588 and EUR/JPY sliding 0.29% to 131.69.
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Written By: Investing.com
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