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by ForexNewsNow Team on October 28, 2010

EUR/USD bounces ahead of U.S. initial jobless claims report

EUR USD analysis - ECB member Axel WeberNEW YORK (Forex News Now) – The euro bounced against the U.S. dollar on Thursday, erasing most of the previous day’s losses, as FX traders awaited a key report on initial U.S. jobless claims.

In European morning currency market trading, EUR/USD hit 1.383, up 0.45 percent on the day, after rising from Wednesday’s 1-week low of 1.3734.

The U.S. Labor Department was expected to say later in the day that initial claims for unemployment benefits by U.S. workers rose slightly last week. The report comes after Wednesday’s generally upbeat data on new U.S. home sales and durable goods orders.

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.

Also Thursday, A European Central Bank council member, Axel Weber, said a strengthening yuan was welcome and will help reduce global imbalances.

Bloomberg quoted Weber as saying at an event in Eltville, Germany that, “In some cases, in particular China, it is a well-known fact that more flexible exchange rate regimes would help redirect growth from export to stronger domestic demand.”

Elsewhere, the single currency rose slightly versus sterling: EUR/GBP traded at 0.8734, up 0.02 percent, according to intraday analysis.

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