Investing.com – The euro was up against the U.S. dollar on Thursday, rising to hit a daily high as the dollar reversed its recent uptrend.
EUR/USD hit 1.3853 during late Asian trade, a daily high; the pair subsequently consolidated at 1.3812, gaining 0.32%.
The pair was likely to find support at 1.3697, the low of October 20 and resistance at 1.3981, Tuesday’s high.
Earlier in the week, the dollar had been boosted by a report that the U.S. Federal Reserve was likely to unveil a program of U.S. Treasury bond purchases worth a few hundred billion dollars over several months. The report was contrary to rising market expectations of purchases in excess of USD 1 trillion.
The euro was also up against the pound, with EUR/GBP gaining 0.41% to hit 0.8767.
Later in the day, the U.S. was to release key weekly data on initial jobless claims.
EUR/USD hit 1.3853 during late Asian trade, a daily high; the pair subsequently consolidated at 1.3812, gaining 0.32%.
The pair was likely to find support at 1.3697, the low of October 20 and resistance at 1.3981, Tuesday’s high.
Earlier in the week, the dollar had been boosted by a report that the U.S. Federal Reserve was likely to unveil a program of U.S. Treasury bond purchases worth a few hundred billion dollars over several months. The report was contrary to rising market expectations of purchases in excess of USD 1 trillion.
The euro was also up against the pound, with EUR/GBP gaining 0.41% to hit 0.8767.
Later in the day, the U.S. was to release key weekly data on initial jobless claims.