FRX: Euro trims gains vs. dollar after mixed U.S. economic data
Forex Pros – The euro trimmed gains against the U.S. dollar on Tuesday, after a raft of mixed U.S. economic data.
EUR/USD hit 1.2839 during European afternoon trade, gaining 0.09% after retreating from an earlier daily high of 1.2915.
The pair was likely to find support at 1.2733, Monday's low and resistance at 1.3186, the high of August 11.
Earlier in the day, official data showed that U.S. industrial production rose more-than-expected in July. In a report, the Federal Reserve said that industrial production rose by a seasonally adjusted 1.0% in July, after declining by a revised 0.1% in June.
Analysts had expected industrial production to rise 0.5% in July.
Meanwhile, separate reports said the number of new U.S. residential building permits issued in July declined in line with expectations, while U.S. producer price inflation rose in line with expectations in July.
The euro was also up against the pound, with EUR/GBP gaining 0.77% to hit 0.8246.
Earlier in the day, a successful bond sale by Italy and Ireland saw lingering concerns over the euro zone sovereign debt crisis ease.
