Forexpros - The euro inched higher against the U.S. dollar on Tuesday, ahead of testimony by Federal Reserve Chairman Ben Bernanke, amid speculation over the possibility of more easing from the U.S. central bank.
EUR/USD hit 1.2313 during late Asian trade, the pair’s highest since July 10; the pair subsequently consolidated at 1.2280, easing up 0.07%.
The pair was likely to find support at 1.2174, Monday’s low and near-term resistance at 1.2332, the high of July 10.
The greenback remained under pressure after official data on Tuesday showed that U.S. retail sales fell 0.5% in June, confounding expectations for a 0.2% increase.
It was the first time retail sales had dropped in three consecutive months since late 2008.
The data fuelled speculation over the possibility of another round of easing from the U.S. central bank, ahead of Fed Chairman Ben Bernanke's testimony on the economic outlook to the U.S. Senate later Tuesday and Wednesday.
In June, Bernanke said the Fed remained prepared to take additional steps to support economic growth if necessary, including additional asset purchases.
The euro was little changed close to a three-and-a-half-year low against the pound, with EUR/GBP dipping 0.01% to 0.7848 and edged higher against the yen, with EUR/JPY up 0.21% to 96.97.
Later in the day, the ZEW Institute was to release reports on economic sentiment in Germany and the wider euro area. Meanwhile, the U.S. was to publish official data on consumer price inflation, as well as reports on the capacity utilization rate and industrial production.
EUR/USD hit 1.2313 during late Asian trade, the pair’s highest since July 10; the pair subsequently consolidated at 1.2280, easing up 0.07%.
The pair was likely to find support at 1.2174, Monday’s low and near-term resistance at 1.2332, the high of July 10.
The greenback remained under pressure after official data on Tuesday showed that U.S. retail sales fell 0.5% in June, confounding expectations for a 0.2% increase.
It was the first time retail sales had dropped in three consecutive months since late 2008.
The data fuelled speculation over the possibility of another round of easing from the U.S. central bank, ahead of Fed Chairman Ben Bernanke's testimony on the economic outlook to the U.S. Senate later Tuesday and Wednesday.
In June, Bernanke said the Fed remained prepared to take additional steps to support economic growth if necessary, including additional asset purchases.
The euro was little changed close to a three-and-a-half-year low against the pound, with EUR/GBP dipping 0.01% to 0.7848 and edged higher against the yen, with EUR/JPY up 0.21% to 96.97.
Later in the day, the ZEW Institute was to release reports on economic sentiment in Germany and the wider euro area. Meanwhile, the U.S. was to publish official data on consumer price inflation, as well as reports on the capacity utilization rate and industrial production.
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