EUR/USD rises on G-20, Europe industrial new orders data

ForexNewsNow | Published on October 25, 2010 at 6:40 am

Intraday analysis - Fed chief Ben BernankeNEW YORK (Forex News Now) – The euro extended its gains versus the U.S. dollar on Monday, after official data showed that industrial new orders in the euro zone rose far above expectations in August.

In European morning currency market trading, EUR/USD hit 1.4038, up 0.59 percent on the day.

The EU statistics agency, Eurostat, said earlier that industrial new orders rose 5.4 percent during August, up from a revised 1.8 percent in July. Analysts had expected August’s figure to come in at 2.1 percent, two major online FX trading news outlets reported.

According to EUR USD analysis, EUR/USD was likely to touch immediate support around the low of Oct. 20, 1.3698, and encounter short-term resistance around the high of Oct. 15, 1.4158.

The euro’s gain also came after a weekend meeting of global finance chiefs vowed to avoid a currency war that could derail the global economic recovery. Meanwhile, FX traders awaited a speech from the Federal Reserve chairman, Ben Bernanke, and important data on the U.S. housing market.

Elsewhere, the single currency climbed versus the yen: EUR/JPY traded at 113.12, up 0.37 percent, according to intraday analysis.

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