Investing.com – The euro rose to a ten-week high against the U.S. dollar on Wednesday, after a call for spending cuts from U.S. President Barack Obama reinforced expectations the Federal Reserve would keep policy unchanged.
EUR/USD hit 1.3721 during European late morning trade, the pair’s highest since November 22; the pair subsequently consolidated at 1.3699, gaining 0.13%.
The pair was likely to find support at 1.3571, Tuesday’s low and resistance at 1.3785, the high of November 22.
In his State of the Union address on Tuesday, President Obama proposed a freeze on domestic spending over the next five years to help reduce the national deficit.
His remarks came ahead of the Federal Reserve’s first monetary policy meeting of the year, due to be held later Wednesday. The U.S. central bank was widely expected hold short-term interest rates near zero and say it remained committed to its USD600 billion bond purchase program.
Meanwhile, the euro was lower against the pound, with EUR/GBP shedding 0.26% to hit 0.8626.
Also Wednesday, the U.S. was to publish official data on new home sales.
EUR/USD hit 1.3721 during European late morning trade, the pair’s highest since November 22; the pair subsequently consolidated at 1.3699, gaining 0.13%.
The pair was likely to find support at 1.3571, Tuesday’s low and resistance at 1.3785, the high of November 22.
In his State of the Union address on Tuesday, President Obama proposed a freeze on domestic spending over the next five years to help reduce the national deficit.
His remarks came ahead of the Federal Reserve’s first monetary policy meeting of the year, due to be held later Wednesday. The U.S. central bank was widely expected hold short-term interest rates near zero and say it remained committed to its USD600 billion bond purchase program.
Meanwhile, the euro was lower against the pound, with EUR/GBP shedding 0.26% to hit 0.8626.
Also Wednesday, the U.S. was to publish official data on new home sales.