Forex - EUR/USD turns lower after ECB, Spain auction ahead
Investing.com
Published Jun 07, 2012 02:31AM ET
EUR/USD hit 1.2553 during late Asian trade, the session low; the pair subsequently consolidated at 1.5471, shedding 0.15%.
The pair was likely to find support at 1.2440, Wednesday’s low and resistance at 1.2623, the high of May 28.
The ECB extended its policy of unlimited three-month loans for banks until mid-January 2013 at Wednesday’s policy meeting, but didn't announce any new three-year lending operations, disappointing hopes that the bank would implement fresh easing measures to help stabilize markets.
The central bank left euro zone interest rates unchanged at 1%.
Spain’s Treasury was due to auction up to EUR2 billion in long term bonds later in the day, just days after the country warned that it was having difficulty accessing credit markets.
Meanwhile, market participants were looking ahead to testimony by Federal Reserve Chairman Ben Bernanke on the outlook for the U.S. economy, amid speculation that the U.S. central bank is mulling new measures to stimulate growth.
The euro was little changed against the pound, with EUR/GBP dipping 0.01% to hit 0.8117 and edged higher against the yen, with EUR/JPY rising 0.17% to hit 99.78.
Elsewhere Thursday, France was to hold an auction of long term government debt, while the U.S. was to release official data on initial jobless claims.
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Written By: Investing.com
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