The euro was trading steadily in proximity to its highest point in two weeks against the US dollar on Thursday, as last weeks US non-farm payrolls report was still causing pressure on the greenback.
EUR/USD reached a session high at 1.3323 at 3:50 GMT, after which consolidation followed at 1.3310, dipping a mere 0.01% for the trading day. Support was expected to be found at September 11th low, 1.3243, while resistance was likely to be seen at August 29th high, 1.3342.
US dollar was feeling pressure during the past few trading days after last Friday it became clear that US economy managed to add fewer than projected job positions in the month of August, which raised certain doubts whether the Federal Reserve Bank will make a move towards reduction of scale of its stimulus at its upcoming monthly meeting on September 17-18th.
Meanwhile, on Wednesday it was reported that German final consumer price index (CPI) remained flat in August compared to July in line with preliminary estimates. In annual terms, it rose to 1.5% in August, again meeting preliminary estimates, as the index of consumer prices stood at 1.9% in July.
On the other hand, earlier today a report said that German wholesale price index fell 1.7% in August on annual basis, after remaining unchanged in July 2013 compared to July 2012. The monthly performance of the index showed a 0.6% drop in August, following the lesser, 0.3% decrease in July.
Later in the day the European Central Bank was expected to publish its monthly bulletin, containing detailed analysis on current economic environment and risks to price stability, while the Euro zone will show a report on industrial production.
Elsewhere, the euro was steady against the British pound, as EUR/GBP cross dipped a mere 0.01% on a daily basis to trade at 0.8416 at 6:57 GMT. EUR/JPY pair was losing 0.56% to trade at 132.24 at 7:01 GMT.
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