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Forex: EUR/USD hits fresh highs after Philly Fed slump

FXstreet.com (Córdoba) - The euro made a marginal new high against the dollar after the Philadelphia Fed Manufacturing Survey added another disappointing reading to the session.

EUR/USD rose to a fresh daily high of 1.2925, from around 1.2900 before the data, but momentum wasn't strong enough to take the cross to the 1.2940 zone, immediate resistance level, where yesterday's highs and the 100-hour SMA converge. At time of writing, EUR/USD is trading at the 1.2920 zone, 0.3% above its opening price.

Poor jobless claims, weak housing starts, falling inflation and disappointing manufacturing have taken its toll on the greenback as investors assess the likelihood of Fed tapering its bond buying program later this year.

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