Investing.com – The euro extended gains against the U.S. dollar amid thin trade on Wednesday, rallying to a fresh 15-month high as upbeat corporate earnings in the U.S. boosted risk appetite, prompting investors to seek out higher yielding assets.
EUR/USD hit 1.4547 during European late morning trade, the pair’s highest since January 14, 2010; the pair subsequently consolidated at 1.4529, rallying 1.38%.
The pair was likely to find support at 1.4203, Tuesday’s low and resistance at 1.4662, the high of December 15, 2009.
Upbeat earnings from companies including chip maker Intel lifted stocks and boosted appetite for riskier assets while concerns over Standard & Poor’s warning on U.S. credit ratings on Monday and fears that Greece will have to restructure its debt eased.
The euro was also boosted after a Spanish bond auction saw strong investor demand, although yields were higher.
The euro was also sharply higher against the pound, with EUR/GBP jumping 1.00% to hit 0.8873.
Later Wednesday, the U.S. was to publish industry data on existing home sales.
EUR/USD hit 1.4547 during European late morning trade, the pair’s highest since January 14, 2010; the pair subsequently consolidated at 1.4529, rallying 1.38%.
The pair was likely to find support at 1.4203, Tuesday’s low and resistance at 1.4662, the high of December 15, 2009.
Upbeat earnings from companies including chip maker Intel lifted stocks and boosted appetite for riskier assets while concerns over Standard & Poor’s warning on U.S. credit ratings on Monday and fears that Greece will have to restructure its debt eased.
The euro was also boosted after a Spanish bond auction saw strong investor demand, although yields were higher.
The euro was also sharply higher against the pound, with EUR/GBP jumping 1.00% to hit 0.8873.
Later Wednesday, the U.S. was to publish industry data on existing home sales.