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by ForexNewsNow Team on September 3, 2010

EUR USD analysis: Euro hits daily high after retail sales data

EUR USD analysis - shoppers browsingNEW YORK (Forex News Now) – The euro continued its recent rally against the dollar on Friday, hitting a fresh daily high, on the back of mixed data on retail sales in the euro zone.

In European morning currency market trading, EUR/USD struck 1.2845, up 0.16 percent on the day.

Revised data from Eurostat showed earlier that retail sales in the 16-nation region grew 0.2 percent in June, after the EU statistics agency had originally reported zero growth during the month.

Eurostat data also showed, however, that retail sales grew at a slower pace than expected in July.

According to EUR USD analysis, EUR/USD was likely to touch support around the low of Aug. 31, 1.2625, and encounter immediate resistance around the high of Aug. 18, 1.2922.

The euro’s gains came as FX traders awaited an important report from the Bureau of Labor Statistics on U.S. nonfarm employment change in August, as well as data on the U.S. manufacturing sector.

Elsewhere, the euro rose versus sterling: EUR/GBP traded at 0.8334, up 0.08 percent, according to intraday analysis.

By ForexNewsNow Team

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