Forex - EUR/USD trims gains after data, Greek vote eyed 7-11-2012
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Forexpros - The euro trimmed gains against the U.S. dollar on Wednesday, retreating from a three-day high after weak euro zone economic data, while sentiment also weakened ahead of a Greek parliamentary vote on an austerity bill.
EUR/USD pulled back from 1.2876, the pair’s highest since November 2, to hit 1.2823 during European late morning trade, up just 0.07% for the day.
The pair was likely to find support at 1.2762, Tuesday’s low and resistance at 1.2949, the high of November 11.
The euro weakened amid uncertainty ahead of a Greek parliamentary vote later in the day, on an austerity bill necessary for Athens to secure its next installment of bailout funds.
Meanwhile, official data showed that German industrial production dropped 1.8% in September, compared to expectations for a 0.5% decline, adding to concerns that the bloc’s economy is weakening.
The report came after data in Spain showed that industrial production tumbled 7% in September; almost double the 3.6% decline expected by economists.
Elsewhere, official data showed that retail sales on the euro zone fell by 0.2% in September, compared to expectations for a 0.1% decline.
The euro hit session highs against the dollar earlier amid relief over a clear victory for President Barack Obama in the U.S. presidential elections.
The win for Obama was seen as boosting the chances that the Federal Reserve’s policy of quantitative easing will remain in place.
The euro was slightly higher against the pound, with EUR/GBP up 0.11% to 0.8019 and was little changed against the yen, with EUR/JPY dipping 0.01% to 102.94.
Later in the day, European Union Commissioner for Economic and Monetary Affairs Olli Rehn was to release the EU’s autumn economic forecasts.
Hello and welcome in a blog breaking news Alfrux
Breaking news Forex currency market, forex market GMT. Forex traders
Urgent and exclusive news about the trade and the latest news currency and
currency rates, explanations profit of Alfrux, SEC
Breaking forex news
Forexpros - The euro trimmed gains against the U.S. dollar on Wednesday, retreating from a three-day high after weak euro zone economic data, while sentiment also weakened ahead of a Greek parliamentary vote on an austerity bill.
EUR/USD pulled back from 1.2876, the pair’s highest since November 2, to hit 1.2823 during European late morning trade, up just 0.07% for the day.
The pair was likely to find support at 1.2762, Tuesday’s low and resistance at 1.2949, the high of November 11.
The euro weakened amid uncertainty ahead of a Greek parliamentary vote later in the day, on an austerity bill necessary for Athens to secure its next installment of bailout funds.
Meanwhile, official data showed that German industrial production dropped 1.8% in September, compared to expectations for a 0.5% decline, adding to concerns that the bloc’s economy is weakening.
The report came after data in Spain showed that industrial production tumbled 7% in September; almost double the 3.6% decline expected by economists.
Elsewhere, official data showed that retail sales on the euro zone fell by 0.2% in September, compared to expectations for a 0.1% decline.
The euro hit session highs against the dollar earlier amid relief over a clear victory for President Barack Obama in the U.S. presidential elections.
The win for Obama was seen as boosting the chances that the Federal Reserve’s policy of quantitative easing will remain in place.
The euro was slightly higher against the pound, with EUR/GBP up 0.11% to 0.8019 and was little changed against the yen, with EUR/JPY dipping 0.01% to 102.94.
Later in the day, European Union Commissioner for Economic and Monetary Affairs Olli Rehn was to release the EU’s autumn economic forecasts.
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