Investing.com – The euro slipped against the U.S. dollar on Wednesday, easing off a four-and-a-half-month high, as a political crisis in Portugal sparked fears that the country was moving closer to an international bailout.
EUR/USD hit 1.4154 during late Asian trade, the pair’s lowest since Monday; the pair subsequently consolidated at 1.4157, sliding 0.30%.
The pair was likely to find support at 1.3979, last Friday’s low and resistance at 1.4247, Tuesday’s high and a four-and-a-half-month high.
Later Wednesday, Portugal’s parliament was to vote on a fresh round of austerity measures. On Tuesday, Prime Minister Jose Socrates to threaten to resign after the main opposition party indicated that it would not support the new measures, a move which could result in snap elections.
Meanwhile, speculation that Ireland’s banks would have trouble repaying debt saw the yield on Irish two-year notes rise to a euro-lifetime high.
The euro was also down against the yen, with EUR/JPY shedding 0.41% to hit 114.43.
Also Wednesday, fresh concerns over Japan’s nuclear crisis surfaced after the Tokyo metropolitan government advised families against allowing infants to drink tap water after higher-than-allowed levels of radioactive iodine were found.
EUR/USD hit 1.4154 during late Asian trade, the pair’s lowest since Monday; the pair subsequently consolidated at 1.4157, sliding 0.30%.
The pair was likely to find support at 1.3979, last Friday’s low and resistance at 1.4247, Tuesday’s high and a four-and-a-half-month high.
Later Wednesday, Portugal’s parliament was to vote on a fresh round of austerity measures. On Tuesday, Prime Minister Jose Socrates to threaten to resign after the main opposition party indicated that it would not support the new measures, a move which could result in snap elections.
Meanwhile, speculation that Ireland’s banks would have trouble repaying debt saw the yield on Irish two-year notes rise to a euro-lifetime high.
The euro was also down against the yen, with EUR/JPY shedding 0.41% to hit 114.43.
Also Wednesday, fresh concerns over Japan’s nuclear crisis surfaced after the Tokyo metropolitan government advised families against allowing infants to drink tap water after higher-than-allowed levels of radioactive iodine were found.