forexcolony The euro remained lower against the U.S. dollar on Friday, after the release of tepid U.S. housing data, as investors eyed additional U.S. economic reports to be published later in the trading session. Forex - EUR/USD remains lower after tepid U.S. housing dataEuro remains lower against U.S. dollar EUR/USD hit 1.3566 during European afternoon trade, the pairs lowest since January 9; the pair subsequently consolidated at 1.3574, shedding 0.32%. The pair was likely to find support at 1.3524, the low of December 3 and resistance at 1.3650, Thursdays high. Official data showed that U.S. building permits declined 3% to 0.986 million units in December, from 1.017 million units the previous month. Analysts had expected building permits to slip to 1.015 million units last month. Data also showed that U.S. housing starts rose dropped 9.8% to 0.999 million units in December, from an upwardly revised 1.107 million units in November, compared to expectations for a decline to 0.990 million units. The reports came after U.S. economic data on Thursday was viewed as too soft to prompt the Federal Reserve to speed up the pace at which it tapers monthly asset purchases. The euro was also lower against the pound, with EUR/GBP tumbling 0.91% to 0.8253. Also Friday, official data showed that U.K. retail sales increased by 2.6% in December, far more than the expected 0.4% rise. Retail sales in November were revised down to a 0.1% rise from a previously estimated 0.3% gain. Later in the day, the U.S. was to release the preliminary reading of the University of Michigan consumer sentiment index, as well as data on industrial production. investing/news/forex-news/forex---eur-usd-remains-lower-after-tepid-u.s.-housing-data-260966
Posted on: Sat, 18 Jan 2014 18:36:06 +0000
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