Investing.com – The euro was up against the U.S. dollar on Wednesday, as comments from European Central Bank Governing Council member Axel Weber eased concerns over the euro zone’s economic recovery.
EUR/USD hit 1.3023 during early European trade, a daily high; the pair subsequently consolidated at 1.3012, gaining 0.12%.
The pair is likely to find support at 1.2702, the low of September 13, and resistance at 1.3174, the high of August 11.
On Tuesday, ECB Governing Council member Weber eased concerns that new banking regulations agreed on last Sunday by the Basel Committee on Banking Supervision would weaken the euro zone’s economy, saying “the impact of financial reforms on economic performance is likely to be rather small".
However Weber warned that the economic crisis was not over yet, saying “We have just entered the fourth year of the crisis and it still seems too early to announce its end".
The euro was up against the pound, with EUR/GBP gaining 0.23% to hit 0.8384.
Later in the day, the euro zone was to produce key data on inflation and employment change.
EUR/USD hit 1.3023 during early European trade, a daily high; the pair subsequently consolidated at 1.3012, gaining 0.12%.
The pair is likely to find support at 1.2702, the low of September 13, and resistance at 1.3174, the high of August 11.
On Tuesday, ECB Governing Council member Weber eased concerns that new banking regulations agreed on last Sunday by the Basel Committee on Banking Supervision would weaken the euro zone’s economy, saying “the impact of financial reforms on economic performance is likely to be rather small".
However Weber warned that the economic crisis was not over yet, saying “We have just entered the fourth year of the crisis and it still seems too early to announce its end".
The euro was up against the pound, with EUR/GBP gaining 0.23% to hit 0.8384.
Later in the day, the euro zone was to produce key data on inflation and employment change.