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Topic: Learning Section
Euro hits 11-week high vs broadly weak dollar ( HEMANT
| From : Hemant Parikh at 11:09 PM - Jul 29, 2010 (19 months ago) |
The euro remained supported by firm euro zone data, with figures on Thursday showing euro zone economic sentiment jumping to a 28-month high, while German unemployment declined for the 13th consecutive month. This contrasted with recent weak data out of the U.S. which has weighed broadly on the dollar, with investors mindful that figures on Friday are expected to show slower economic growth in the country in the second quarter.
Market participants said demand for euros from an Asian central bank in early European trade had sparked wider demand for the single currency, helping push the dollar to a three-month low versus a currency basket. "Data in the euro zone for now is pretty resilient and at the margins that argues for euro/dollar to edge higher, though people are pretty cautious at these levels," said Tom Levinson, currency strategist at ING.
By 1137 GMT, the euro was up 0.6 percent at $1.3075, just shy of a high of $1.3091, its strongest since May 10. Traders said stop-loss orders were triggered above $1.3050, accelerating the currency's gains, with options barriers seen at $1.3100. "There are a lot of orders in the $1.3050 area which had been targeted. When those were triggered it made for a higher euro/dollar," said Lutz Karpowitz, strategist at Commerzbank in Frankfurt.
So far this month, the euro has risen around 7 percent versus the dollar. Investors are now focusing on whether it can rally to $1.3125, the 38.2 percent Fibonacci retracement of the peak-to-trough move from November 2009 to June.
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