Forex - Euro edges lower against dollar before U.S. inflation data
Investing.com
Published Dec 17, 2013 08:12AM ET
Euro dips against dollar before U.S. inflation report
EUR/USD touched session lows of 1.3745 and was last down 0.05% to 1.3753, off highs of 1.3781.
The pair was likely to find support at 1.3726, Monday’s low and near-term resistance at 1.3809.
Investors remained cautious ahead of the outcome of the Fed’s two-day policy meeting on Wednesday, with some expecting the bank to announce a small reduction in the pace of its USD85 billion-a-month asset purchase program.
Markets were turning their attention to U.S. inflation data due out later in the session amid concerns that the subdued inflation outlook could prompt the Fed to keep its stimulus program in place for longer.
Demand for the euro continued to be underpinned after a report on Tuesday showed that the ZEW index of German economic sentiment rose to 62.0 in December from November’s reading of 54.6. It was the highest level since April 2006. Economists had expected the index to tick up to 55.0 this month.
The data came one day after a report showed that manufacturing activity in Germany rose to a 30 month high in November, bolstering the outlook for the recovery in the euro zone.
Elsewhere, the dollar was fractionally lower against the yen, with USD/JPY edging down 0.05% to 102.96.
Get The News You Want
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.