Forex – EUR/USD steady, near 7

Investing.com – The euro was steady against the U.S. dollar on Friday, trading near seven-week highs as the previous day’s German data continued to support the single currency, while uncertainty over the future of the Federal Reserve’s stimulus program weighed on the greenback.

EUR/USD hit 1.3388 during late Asian trade, the session high; the pair subsequently consolidated at 1.3389, easing up 0.07%.

The pair was likely to find support at 1.3321, Thursday’s low and resistance at 1.3416, the high of June 19.

The euro gained ground after data released on Thursday showed that German exports were up 0.6% from the previous month in June, but the report also showed that imports fell 0.8%, sparking concerns over weakening domestic demand.

Market sentiment also improved after data on Friday showed that industrial production in China rose 9.7% in July, beating expectations for a 9.0% increase and easing concerns over a slowdown in the world’s second-largest economy.

Meanwhile, the dollar remained under pressure amid after two senior Fed officials said Tuesday that they would not rule out the withdrawal of stimulus measures at the bank’s September meeting.

The euro was also steady against the pound with EUR/GBP dipping 0.01%, to hit 0.8611.

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