Investing.com – The euro was up against the yen on Wednesday, surging to a 9-day high after the release of significantly better-than-expected U.S. data on ADP non-farm payrolls.
EUR/JPY hit 113.89 during European afternoon trade, the pair’s highest since October 21; the pair subsequently consolidated at 113.85, gaining 0.64%.
The pair was likely to find support at 111.86, Tuesday’s low and resistance at 114.75, the high of October 15.
Earlier in the day, U.S. payroll processing firm ADP said non-farm private employment rose by a seasonally adjusted 43K in October, after falling by a revised 2K in September. Analysts had expected non-farm private sector employment to increase by 25K in October.
The better-than-expected data could result in some upward revisions to expectations for Friday's U.S. non-farm payrolls report.
Meanwhile, the euro was down against the U.S. dollar, with EUR/USD shedding 0.10% to hit 1.4019.
Later Wednesday, 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/JPY hit 113.89 during European afternoon trade, the pair’s highest since October 21; the pair subsequently consolidated at 113.85, gaining 0.64%.
The pair was likely to find support at 111.86, Tuesday’s low and resistance at 114.75, the high of October 15.
Earlier in the day, U.S. payroll processing firm ADP said non-farm private employment rose by a seasonally adjusted 43K in October, after falling by a revised 2K in September. Analysts had expected non-farm private sector employment to increase by 25K in October.
The better-than-expected data could result in some upward revisions to expectations for Friday's U.S. non-farm payrolls report.
Meanwhile, the euro was down against the U.S. dollar, with EUR/USD shedding 0.10% to hit 1.4019.
Later Wednesday, 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.