Friday, February 15, 2013

Forex - EUR/USD weakens on poor eurozone growth rates - Weaker-than-expected E.U. economic growth figures sent investors ditching the euro and scrambling for safe-haven dollar positions on Thursday after official data revealed the continent's recession grew deeper.

In U.S. trading, EUR/USD was down 0.88% at 1.3334, up from a session low of 1.3316 and off from a high of 1.3456.

The pair was likely to find support at 1.3265, the low from Jan. 23, and resistance at 1.3520, Wednesday's high. 

European gross domestic product growth rates served as the pair's chief steering current on Thursday.

Eurostat, the statistical arm of the European Union, reported earlier that the eurozone's GDP contracted by 0.6% in the fourth quarter of 2012 from the third, well beyond expectations for a 0.4% decline and far surpassing g the previous 0.1% quarterly contraction.

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