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by ForexNewsNow Team on July 8, 2010

Euro slips slightly vs dollar, retreating from 2-month high

NEW YORK (Forex News Now) – The euro rose slipped slightly against the U.S. dollar on Friday (GMT), retreating from a 2-month high it hit after the IMF raised its growth forecast for the global economy this year.

In early Asian currency trading, EUR/USD traded at 1.2693, down 0.06 percent on the day, after retreating slightly from 1.2712, the currency pair’s highest since May 12.

In a report, the IMF said earlier that the world economy is recovering faster than expected; however, the organization warned that Europe must still deal with its debt crisis and keep it from infecting other regions of the world.

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According to forex analysis, EUR/USD is likely to touch immediate support around Tuesday’s open, 1.2537, and encounter resistance around the high of May 11, 1.2803.

The euro’s gains on Thursday also came on the back of upbeat U.S. jobs data and after the European Central Bank left its benchmark interest rate at a historic low of 1 percent.

Meanwhile, the euro climbed versus the yen: EUR/JPY traded at 112.31, up 0.12 percent on the day.


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