Forex - EUR/USD edges higher, eyes on U.S. data

28/08/2014 11:44 AST

The euro edged up against the U.S. dollar on Thursday, but still remained within close distance of an 11-month trough as expectations for fresh easing measures by the European Central Bank continued to weigh, while markets eyed U.S. data to be released later in the day.

EUR/USD hit 1.3218 during late Asian trade, the pair's highest since August 24; the pair subsequently consolidated at 1.3209, adding 0.13%.

The pair was likely to find support at 1.3153, Wednesday's low and an 11-month low and resistance at 1.3243, the high of August 24.

The euro remained under pressure after ECB President Mario Draghi said last week at Jackson Hole that the central bank is willing to take more unconventional action if needed to stimulate growth in the euro zone.

However, German Finance Minister Wolfgang Schauble said on Wednesday that Mr. Draghi's comments on the possibility of adding easing measures have been "over-interpreted."

Meanwhile, investors were turning their attention to upcoming data on U.S. second quarter GDP and the weekly government report on initial jobless claims for further indications on the strength of the U.S. economic recovery.

The euro was steady against the euro, with EUR/GBP dipping 0.01% to 0.7959. Later in the day, Germany and Spain were to release preliminary data on consumer price inflation. Germany was also to produce a report on unemployment.


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