Forex – EUR/USD holds steady with no U.S. data ahead


Euro little changed vs. dollar in subdued tradeEuro little changed vs. dollar in subdued trade – The euro held steady against the U.S. dollar on Friday, as trading volumes were expected to remain thin on Friday, as no U.S. data was to be released throughout the session.

EUR/USD hit 1.3592 during U.S. morning trade, the session low; the pair subsequently consolidated at 1.3606, dipping 0.01%.

The pair was likely to find support at 1.3576, the low of July 7 and resistance at 1.3651, Thursday’s high.

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.

The dollar shrugged 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 fractionally higher against the pound, with EUR/GBP up 0.08% to 0.7949.

Source By Breaking News Website | BreakingNews.WS