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EUR/USD edged higher close to six-week highs

Euro_vs_DollarDuring Fridays thin trade the euro edged higher against the US dollar, trading close to six-week highs ahead of the consumer confidence report from the United States, scheduled for release later in the day.

EUR/USD reached its highest point for todays session at 1.3288 at 2:44 GMT, after which consolidation followed at 1.3277. Support was likely to be received at July 24th, 1.3177, while resistance was to be met at June 11th high, 1.3318.

On Thursday US dollar retreated against peers, as the Labor Department of the United States reported that initial jobless claims rose by 7 000 to reach 343 000 during the week ended on July 20th 2013. Results during the preceding week were revised up to 336 000 from 334 000 previously. Initial estimates pointed that the number of claims will reach 340 000. This fueled uncertainty over the future of Federal Reserve Banks stimulus program.

Additionally, earlier on Thursday it became clear that durable goods orders in the United States rose by 4.2% in June in comparison with preliminary estimates of a 1.3% rise, while in May the value of the indicator was revised up to an increase by 5.2% from a 3.6% rise previously. Core durable goods orders, which did not contain volatile components such as transportation, were unchanged in June, compared to expectations that the indicator will show a 0.5% increase.

Elsewhere, the euro was trading steadily against the British pound, as EUR/GBP cross ticked up by 0.03% to 0.8632 at 6:55 GMT. On the other hand, EUR/JPY pair decreased by 0.45% to trade at 131.25 at 6:56 GMT, after it became clear that Japanese economy saw inflation for the first time since April 2012.

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