Investing.com – The euro trimmed gains against the U.S. dollar on Wednesday, easing off a three-day high, ahead of the release of a flurry of U.S. economic data.
EUR/USD retreated from 1.357, the pair's highest since Friday, to hit 1.3505 during European early afternoon trade, gaining 0.14%.
The pair was likely to find support at 1.3427, Monday’s low and a three-week low and resistance at 1.3734, last Thursday’s high.
Earlier in the day, Portugal bought back EUR215 million of bonds due to expire in the second quarter, in an attempt reduce funding pressures ahead of maturity. However, yields on Portuguese 10-year bonds continued to trade above 7% on Wednesday, a level largely seen as unsustainable.
However the single currency remained supported by news that WestLB, the troubled German bank, had managed to present a restructuring plan to the European Commission just before the set deadline expired.
The euro was also higher against the pound, with EUR/GBP surging 0.62% to hit 0.8415.
Later in the day, the U.S. was to publish official data on producer price inflation, as well as reports on building permits, housing starts and industrial production.
In addition, the Federal Reserve was to publish the minutes of its most recent monetary policy committee meeting.
EUR/USD retreated from 1.357, the pair's highest since Friday, to hit 1.3505 during European early afternoon trade, gaining 0.14%.
The pair was likely to find support at 1.3427, Monday’s low and a three-week low and resistance at 1.3734, last Thursday’s high.
Earlier in the day, Portugal bought back EUR215 million of bonds due to expire in the second quarter, in an attempt reduce funding pressures ahead of maturity. However, yields on Portuguese 10-year bonds continued to trade above 7% on Wednesday, a level largely seen as unsustainable.
However the single currency remained supported by news that WestLB, the troubled German bank, had managed to present a restructuring plan to the European Commission just before the set deadline expired.
The euro was also higher against the pound, with EUR/GBP surging 0.62% to hit 0.8415.
Later in the day, the U.S. was to publish official data on producer price inflation, as well as reports on building permits, housing starts and industrial production.
In addition, the Federal Reserve was to publish the minutes of its most recent monetary policy committee meeting.