Forex – EUR/USD hits 2-day high after weak U.S. data boosts Fed’s case
Investing.com
Published Nov 18, 2010 02:33AM ET
EUR/USD hit 1.3611 during late Asian trade, the pair’s highest since Tuesday; the pair subsequently consolidated at 1.3598, gaining 0.49%.
The pair was likely to find support at 1.3459, Wednesday’s low and resistance at 1.3749, the high of November 15.
On Wednesday, official U.S. data showed that core consumer price inflation, which excludes food and energy costs, was unexpectedly flat in October for the second successive month. Analysts had expected core consumer prices to rise by 0.1% in October.
Consumer prices including food and energy costs rose less-than-expected in October, increasing by 0.2%, after rising by 0.1% in September. Analysts had expected consumer price inflation to rise by 0.3% in October. Also, the annual underlying inflation rate hit 0.6%, the lowest level since records began in 1957.
Elsewhere, a separate report showed that the number of building permits issued in the U.S. rose less-than-expected in October while housing starts fell more-than-expected.
The euro was also up against the pound, with EUR/GBP climbing 0.35% to hit 0.8536.
Meanwhile, Irish Finance Minister Brian Lenihan said "intensive engagement" would begin later in the day between his country and its European Union partners to discuss the best ways to support the country's banking system.
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Written By: Investing.com
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