(MENAFN– ecpulse)
The euro steadied near the highest level in two months against dollar on Tuesday, after data showed the unemployment rate in the euro area dropped to the lowest level since October 2012.
The 17-nation shared currency got a boost from the Eurozone data released earlier, showing that the unemployment rate fell to 11.6% in June, missing the average forecast of 11.7%. The drop in unemployment comes in light of the ECB’s ultra-easy policy. Last month, the ECB offered lenders a fresh round of cash for as long as four years to keep them afloat and make them support and economic recovery by encouraging lending.
As of 14:16 GMT+3m the EURUSD traded around 1.3690 after setting a session high at 1.3695 and low at 1.3671 compared with the day’s open at 1.3690.
Technically, the cable is trying to break above resistance level at 1.3695 which might open the door towards 1.3710 then 1.3730. On the downside scenario, the pair is facing support around 1.3665, 1.3620 then 1.3607 and further towards 1.375.
The pound advanced to the highest level since 2009 against its US counterpart, after a survey showed manufacturing growth accelerated by the fastest rate since seven months, at 57.0 in June from the prior reading of 57.0, according to the Markit/CIPS UK Manufacturing PMI data, and beating forecast of 56.7.
The GBPUSD traded around 1.7131 after setting an intraday high at 1.37145 and low at 1.7094 compared with the 1.7103 open.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.