FX: Forex - Euro rebound against dollar stalls at 1.3278
Forex Pros – The euro's light rebound against the U.S. dollar on Thursday stalled at 1.3278, after the single European currency clawed back up from Wednesday's 1-year low amid hopes that Greece would secure an EU-IMF rescue package.
EUR/USD subsequently hit 1.3242 during European afternoon trade, gaining 0.16%. The pair was likely to find support at 1.3114, Wednesday's low, and resistance at 1.3421, last Thursday's high.
Earlier in the day, the European Central Bank president, Jean-Claude Trichet, urged Germany to quickly approve the bailout deal for Greece. Speaking in Munich, Trichet said policy makers must create a "sense of direction" to help overcome the fiscal crisis.
The single European currency rose versus the yen, meanwhile, with EUR/JPY advancing 0.34% to reach 124.75.
Also Thursday, official data showed that the number of U.S. workers filing new applications for unemployment insurance fell by 11,000 to a seasonally adjusted 448,000. Economists had expected a bigger fall, but the decline still brought initial jobless claims to a 1-month low.
