The euro pushed higher against the dollar on Wednesday as investor sentiment firmed up amid signs that the global economy is recovering, bolstering demand for the single currency.
EUR/USD hit 1.3434 during late Asian trade, the pair’s highest since February 14; the pair subsequently consolidated at 1.3425, gaining 0.28%.
The pair was likely to find support at 1.3328, Tuesday’s low and resistance at 1.3474, the high of February 12.
Rising global equities markets boosted investor confidence, while indications that the euro zone is stabilizing supported demand for the single currency.
Data on Tuesday showed that the ZEW index of German economic sentiment hit a 34-month high in February.
However the euro’s gains looked likely to remain capped ahead of the outcome of the upcoming general elections in Italy, amid wariness that a hung parliament could hamper efforts to implement further economic reforms.
Elsewhere, the euro was trading close to 15-month highs against the broadly weaker pound, with EUR/GBP rising 0.17% to 0.8694, as fears that the U.K. may lose its triple-A sovereign rating pinned down sterling. The euro dipped against the yen, with EUR/JPY inching down 0.07% to 125.17.
The yen found support as signs of dissent within the government over Prime Minister Shinzo Abe’s push for more aggressive monetary easing steps emerged.
The Federal Reserve was to release the minutes of its most recent policy meeting later in the trading day, while the U.S. was also to release official data on building permits and housing starts.
EUR/USD hit 1.3434 during late Asian trade, the pair’s highest since February 14; the pair subsequently consolidated at 1.3425, gaining 0.28%.
The pair was likely to find support at 1.3328, Tuesday’s low and resistance at 1.3474, the high of February 12.
Rising global equities markets boosted investor confidence, while indications that the euro zone is stabilizing supported demand for the single currency.
Data on Tuesday showed that the ZEW index of German economic sentiment hit a 34-month high in February.
However the euro’s gains looked likely to remain capped ahead of the outcome of the upcoming general elections in Italy, amid wariness that a hung parliament could hamper efforts to implement further economic reforms.
Elsewhere, the euro was trading close to 15-month highs against the broadly weaker pound, with EUR/GBP rising 0.17% to 0.8694, as fears that the U.K. may lose its triple-A sovereign rating pinned down sterling. The euro dipped against the yen, with EUR/JPY inching down 0.07% to 125.17.
The yen found support as signs of dissent within the government over Prime Minister Shinzo Abe’s push for more aggressive monetary easing steps emerged.
The Federal Reserve was to release the minutes of its most recent policy meeting later in the trading day, while the U.S. was also to release official data on building permits and housing starts.
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