Forex – EUR/USD almost unchanged in cautious trade


Euro holds steady vs. dollar amid Europe concernsEuro holds steady vs. dollar amid Europe concerns – The euro was almost unchanged against the U.S. dollar on Friday, as Thursday’s economic reports from euro zone countries continued to weigh, as well as mounting concerns over Portugal’s banking sector.

EUR/USD hit 1.3596 during late Asian trade, the session low; the pair subsequently consolidated at 1.3602, dipping 0.04%.

The pair was likely to find support at 1.3576, the low of June 26 and resistance at 1.3651.

The euro remained under pressure after data on Thursday showing that industrial output in France, Italy and Holland declined in May added to concerns over the outlook for the euro zone economy.

In addition, market sentiment was hit by growing fears over financial troubles at the family-owned holding companies behind Espirito Santo Financial Group, Portugal’s largest listed bank.

Markets seemed to shrug off a report by the U.S. Department of Labor on Thursday, saying that the number of individuals filing for initial jobless benefits in the week ending July 5 declined by 11,000 to a 304,000 from the previous week’s total of 315,000.

The euro was steady against the pound, with EUR/GBP easing 0.05% to 0.7939.

Source By Breaking News Website | BreakingNews.WS