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EUR/USD Update – Euro at Almost 7-Week High After German Orders Climb



Good day forex traders and readers.

As we move into midweek, the EUR/USD is pushing the upper limits of the resistance. As it stretches beyond 1.3280, a clear breach may mean that the currency pair will be aiming for the bullish target of 1.34.

This increased demand for the euro currency might be due to better than expected economic data from the Euro Zone. Read more below:

Elliott Sees Euro Higher at $1.37 in Next 3 Months

The euro traded at almost a seven-week high against the dollar after a report showed Germany’s factory orders rebounded in June more than economists forecast, adding to signs the region is recovering.

The 17-nation currency rose versus most of its 16 major counterparts after separate data showed Italy’s recession eased in the second quarter. The dollar pared a drop versus the yen after the U.S. trade deficit narrowed more than forecast in June. The Australian dollar strengthened for a second day against the greenback after the central bank damped expectations of further interest-rate cuts after reducing its benchmark to a record low.

“The euro got a bit a boost earlier from the German numbers,” Brian Kim, a currency strategist at Royal Bank of Scotland Group Plc’s RBS Securities unit in Stamford , Connecticut , said in a telephone interview. “European data has continued to do better, which could lend itself to near-term support for the euro.”

The euro gained 0.4 percent to $1.3311 at 10:19 a.m. New York time after rising to $1.3345 on July 31, the highest level since June 19. The common currency was little changed at 130.32 yen. The dollar declined 0.4 percent to 97.91 yen. Rand, Zloty

The South African rand fell versus all 16 of its major peers as an expansion in U.S. service industries in July supported speculation that the Federal Reserve is poised to reduce monetary stimulus. The currency decreased 0.7 percent to 9.9109 per dollar after earlier rising 0.3 percent.

Poland’s zloty rose against all of its 31 most-traded counterparts after the increase in German factory orders. The zloty appreciated 0.6 percent to 3.1589 per dollar after touching 3.1610, its strongest level since June 17.

The British pound weakened for the first time in four days against the euro before […]

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