The euro edged to higher levels versus the US dollar on Friday, but still FEDs statement on Wednesday seemed to weigh on sentiment and supported the dollar. Additionally, this upward movement came ahead of Euro zones Current Account data, which registered a record surplus in March.
EUR/USD pair reached a session high at 1.3255 during the later phase of Asian trade, after which consolidated at 1.3244. The cross was up by 0.19% for the day. Support was expected at June 20th low, 1.3160, while resistance was to be encountered at June 20th high, 1.3303.
Demand for the greenback was bolstered after on Wednesday FED Chairman Ben Bernanke announced, that central banks asset-purchasing program could be decelerated by the end of this year and a possible exit could be expected in the mid-2014, if certain economic indicators developed as projected.
Meanwhile, a series of mixed US economic data came out on Thursday, giving birth to uncertainty about recovery. The National Association of Realtor’s said that US existing home sales rose by 4.2% during May, reaching annual number of 5.18 million. Preliminary estimates showed annual value of 5.00 million homes, while during April the sales indicator stood at 4.97 million.
The Philadelphia FED Index reached 2-year high in June, rising sharply to a level of 12.5 from -5.2 in May. This sudden climb surprised economists, who placed their expectations, regarding the index reading, in negative territory, -1.0.
At the same time, The Department of Labor in the United States announced that Initial Jobless Claims rose by 18 000 to seasonally adjusted 354 000 during the week ending on June 15th, significantly mismatching expectations of a rise only by 4 000 to 340 000 claims. Previous week result was revised up to 336 000 from 334 000. The indicator, which lacks seasonal effects, regarding US labour market trend, rose by 2 500 to 348 250 claims.
Ultimately, US Leading Indicators index recorded a smaller monthly increase in May by 0.1%, compared to the revised up result in April, a 0.8% rise from 0.6% previously. Experts had proposed a 0.2% gain rate.
The euro was higher against the British pound as well, with EUR/GBP pair up by 0.10% to 0.8532.
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