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by ForexNewsNow Team on December 3, 2010

EUR/USD bounces as Trichet fails to calm investor fears

european central bank jean claude trichet forexNEW YORK (Forex News Now) – The euro bounced against the dollar on Friday, even as European Central Bank President Jean-Claude Trichet failed to calm investor fears over Europe’s mounting debt crisis the previous day.

In early European currency market trading, EUR/USD hit 1.3227, up 0.13% on the day.

Trichet was expected in his monthly press conference on Thursday to help calm fears that the euro zone’s debt crisis would spread from Ireland to other countries. But he disappointed many by not announcing a significant increase in the ECB’s bond purchases.

According to EUR/USD analysis, the euro was likely to touch support around Monday’s low of 1.3064, and encounter resistance around the high of Nov. 26, 1.3357

The dollar’s fall also came as the US Department of Labor announced higher-than-forecast unemployment claims for last week.

Elsewhere in FX trading, the euro fell against the pound: EUR/GBP traded at 0.8460, down 0.1% on the day, according to intraday analysis.

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