Investing.com – The euro was up against the U.S. dollar on Tuesday, climbing to a fresh daily high after Australia’s central bank unexpectedly raised its benchmark interest rate
EUR/USD hit 1.3946 during late Asian trade, a daily high; the pair subsequently consolidated at 1.3927, gaining 0.24%.
The pair was likely to find support at 1.3763, last Thursday’s low and resistance at 1.4079, the high of October 25.
Overnight, the Reserve Bank of Australia increased its official cash rate amid concern that stronger growth will cause inflation to accelerate, driving the nation’s currency toward parity with the U.S. dollar. It was the banks first rate hike in six months.
The move saw the U.S. dollar come under renewed pressure ahead of the Federal Reserve's November policy meeting which was widely expected to result in the unveiling of fresh monetary easing to support the U.S. economic recovery.
The euro was also up against the pound, with EUR/GBP gaining 0.18% to hit 0.8681.
Later in the day, the euro zone was to release official data on manufacturing.
EUR/USD hit 1.3946 during late Asian trade, a daily high; the pair subsequently consolidated at 1.3927, gaining 0.24%.
The pair was likely to find support at 1.3763, last Thursday’s low and resistance at 1.4079, the high of October 25.
Overnight, the Reserve Bank of Australia increased its official cash rate amid concern that stronger growth will cause inflation to accelerate, driving the nation’s currency toward parity with the U.S. dollar. It was the banks first rate hike in six months.
The move saw the U.S. dollar come under renewed pressure ahead of the Federal Reserve's November policy meeting which was widely expected to result in the unveiling of fresh monetary easing to support the U.S. economic recovery.
The euro was also up against the pound, with EUR/GBP gaining 0.18% to hit 0.8681.
Later in the day, the euro zone was to release official data on manufacturing.