Forex - EUR/USD steady close to 1-month high
Investing.com
Published Oct 17, 2011 03:34AM ET
EUR/USD hit 1.3829 during late Asian trade, the daily low; the pair subsequently consolidated at 1.3877, dipping 0.04%.
The pair was likely to find support at 1.3722, Friday’s low and short-term resistance at 1.3936, the high of September 15.
The euro rallied on Friday ahead of a weekend meeting of G-20 finance ministers, after France and Germany pledged to unveil a plan to restructure Greek debt, recapitalize European banks and bolster the region’s bailout fund.
G-20 officials urged EU leaders to formulate a “comprehensive plan” to address the financial crisis, which they said was endangering the world economy.
European leaders may complete the rescue plan at a summit on October 23, in time to present to a meeting of G-20 leaders early next month.
The euro was also slightly lower against the pound, with EUR/GBP slipping 0.05% to hit 0.8768.
Later in the day, the U.S. was to publish official data on industrial production, as well as a report on manufacturing activity in New York state.
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Written By: Investing.com
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