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by ForexNewsNow Team on July 29, 2010

EUR/USD advances to 12-week high on U.S., Europe data

global forex fx trader forex tips EURNEW YORK (Forex News Now) – The euro advanced to a 12-week high against the dollar on Thursday, as upbeat U.S. and euro zone unemployment data boosted FX traders’ risk appetite.

In New York afternoon currency trading, EUR/USD struck 1.3107, its highest since May 4. The currency pair later retreated slightly to trade at 1.3079, up 0.65 percent on the day.

Official data showed earlier that initial U.S. claims for unemployment benefits fell last week in line with analysts’ expectations.

Labor Department data showed earlier that Initial claims for state unemployment aid dropped to 457,000 last week, from an upwardly revised 468,000 the previous week.

According to forex analysis, EUR/USD was likely to touch support around the low of July 21, 1.2732, and encounter immediate resistance around the high of May 4, 1.3214.

The euro was also lifted by encouraging German jobs data, which showed that Germany’s jobless rate slipped to a seasonally adjusted 7.6 percent in July from 7.7 percent in June, and the number of people out of work fell by 20,000.

Elsewhere, the single currency rose versus sterling: EUR/GBP traded at 0.8387, up 0.68 percent.

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