Forex – EUR/USD almost unchanged ahead of E.Z. inflation data


Euro holds steady against dollar with eyes on inflation reportEuro holds steady against dollar with eyes on inflation report – The euro was almost unchanged against the U.S. dollar on Friday, as investors were eyeing the release of final inflation data from the euro zone and as sentiment on the greenback remained fragile after a recent string of downbeat U.S. economic reports.

EUR/USD hit 1.0787 during late Asian trade, the session high; the pair subsequently consolidated at 1.0761.

The pair was likely to find support at 1.0570, the low of April 15 and resistance at 1.0888, the high of April 8.

The dollar remained under pressure after the U.S. Department of Labor reported on Thursday that the number of individuals filing for initial jobless benefits increased by 12,000 to 294,000 last week from the previous week’s total of 282,000.

Analysts had expected initial jobless claims to fall by 2,000 to 280,000 last week.

Separately, the U.S. Commerce Department said that the number of building permits issued in March declined by 5.7% last month to 1.039 million units.

The weak data fuelled further speculation that the Federal Reserve could delay hiking interest rates until late 2015, instead of tightening midyear.

Meanwhile, the euro’s gains were capped after the European Central Bank said Wednesday it expects to fully implement its trillion euro quantitative easing program.

The euro was steady against the pound, with EUR/GBP at 0.7208.

Later in the day, the euro zone was to produce revised data on the consumer price index, while the U.S. was to release data on consumer prices and consumer sentiment.

Source By Breaking News Website | BreakingNews.WS