Investing.com – The euro eased down against the U.S. dollar on Wednesday, falling to a daily low after the Republican Party made strong inroads in U.S. mid-term elections and ahead of a critical Federal Reserve announcement.
EUR/USD hit 1.3992 during late Asian trade, a daily low; the pair subsequently consolidated at 1.4019, shedding 0.10%.
The pair was likely to find support at 1.3881, Tuesday’s low and resistance at 1.4157, the high of October 15.
Earlier in the day, partial results and exit polls from the U.S. mid-term elections indicated that Republicans swept to power in the House of Representatives and ate into the Democratic majority in the Senate.
The political deadlock was likely to result in checks on government spending and regulation and was being viewed as beneficial to the energy and auto sector as well as financial services firms.
Meanwhile, the euro was up against the pound, with EUR/GBP rising 0.04% to hit 0.8751.
Later in the day, the U.S. Federal Reserve was to make its November rate statement. The announcement was widely expected to unveil a fresh round of Treasury bond purchases designed to support the U.S. economic recovery.
EUR/USD hit 1.3992 during late Asian trade, a daily low; the pair subsequently consolidated at 1.4019, shedding 0.10%.
The pair was likely to find support at 1.3881, Tuesday’s low and resistance at 1.4157, the high of October 15.
Earlier in the day, partial results and exit polls from the U.S. mid-term elections indicated that Republicans swept to power in the House of Representatives and ate into the Democratic majority in the Senate.
The political deadlock was likely to result in checks on government spending and regulation and was being viewed as beneficial to the energy and auto sector as well as financial services firms.
Meanwhile, the euro was up against the pound, with EUR/GBP rising 0.04% to hit 0.8751.
Later in the day, the U.S. Federal Reserve was to make its November rate statement. The announcement was widely expected to unveil a fresh round of Treasury bond purchases designed to support the U.S. economic recovery.