The EUR / USD extended its gains

Monday, September 20, 2010

The euro extended gains against the U.S. dollar Monday, moving to a new day high, while worries about slowing U.S. growth dampened sentiment towards the dollar ahead of U.S. housing data.The EUR / USD was at 1.3120 in afternoon European trading, a new high every day, the couple subsequently consolidated 1.3087, gaining 0.29%.The pair had the chance to find support at 1.2975, the low short-term resistance on Friday at 1.3158.Earlier, Italy Istat statistics office said the Italian trade contracted more than expected in July to record a surplus of EUR 1.8 billion, narrowing a deficit of 3.06 billion euros in June.Economists had expected the trade deficit showed a deficit contract 1.37 euros in July.The report said exports rose 12.2% year on year to 33.06 billion euros in July, while imports rose 21% to 31,3 billion euros.The euro also rose against the pound, with EUR / GBP gaining 0.41% to 0.8340.