EUR/USD higher ahead of ECB The euro traded higher against the U.S. dollar Thursday’s Asian session ahead of the European Central Bank meeting later Thursday. In Asian trading Thursday, EUR/USD rose 0.06% to 1.3523. The pair was likely to find support at 1.3442, Mondays low, and resistance at 1.3818, the high from Oct. 28. The euro was in play Wednesday after data revealed that factory orders in Germany, Europes largest economy, rose 3.3% in September, far surpassing expectations for a gain of 0.5% and were also up 7.9% on year, which sparked demand for the euro that came at the dollars expense. Elsewhere, revised data revealed that the final reading of the euro zone’s services purchasing managers’ index ticked down to 51.6 in October from 52.2 in September but was still higher than a preliminary estimate of 50.9. Traders believed recently released data that showed record high unemployment in the euro zone could compel ECB to lower rates, but the prevailing wisdom is that the central bank will keep its easing bias while leaving rates unchanged. Also on Thursday, Germany is to release a report on industrial production while the U.S. Commerce Department reveals the initial reading on third-quarter GDP. Economists are forecasting growth of 2% after an increase of 2.5% in the second quarter. Elsewhere, EUR/AUD jumped 0.60% to 1.4273 after he Australian Bureau of Statistics said the country’s unemployment remained at 5.7% last month, defying expectations for a rise to 5.8%. The number of people employed rose 11,639, well above the estimate of 7,500. However, the Aussie tumbled because Australia lost nearly 28,000 full-time jobs. The number of part-time jobs rose by nearly 29,000. AUD/JPY dropped 0.64% to 93.40.
Posted on: Thu, 07 Nov 2013 06:34:38 +0000
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