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Sep 20, 2013, 12.04 PM IST | Source: Investing.com

Forex - EUR/USD steady, near 7-month highs in light trade

Forex - EUR/USD steady, near 7-month highs in light trade

Investing.com - The euro was steady against the U.S. dollar in light trade on Friday, trading near seven-month highs as news this week that the Federal Reserve left its stimulus program unchanged continued to weigh on the greenback.

EUR/USD hit 1.3542 during late Asian trade, the session high; the pair subsequently consolidated at 1.3536, easing up 0.05%.

The pair was likely to find support at 1.3338, the low of September 18 and resistance at 1.3568, Thursday's high and a seven-month high.

The greenback remained under pressure after the Fed on Wednesday held back from reducing the USD85 billion pace of its monthly asset purchases.

Fed Chairman Ben Bernanke refused to commit to reducing bond purchases this year, saying the stimulus program was "not on a preset course."

Bernanke added that he wanted to "try to get confirming evidence" that the economy is showing signs of lasting improvement before scaling back the central bank's bond purchases.

Separately, investors were eyeing the outcome of Germany's general election on Sunday, with Chancellor Angela Merkel looking to secure a third term.

The euro was fractionally lower against the pound with EUR/GBP edging down 0.09%, to hit 0.8432.

Trading volumes were expected to remain light on Friday, with no U.S. economic data to be released throughout the session.


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