Investing.com - The euro edged higher against the U.S. dollar on Thursday, ahead of a keenly anticipated speech by Federal Reserve Chairman Ben Bernanke at a symposium in Jackson Hole, Wyoming, on Friday.
EUR/USD hit 1.2560 during late Asian trade, the session high; the pair subsequently consolidated at 1.2551, gaining 0.17%.
The pair was likely to find support at 1.2464, Tuesday’s low and resistance at 1.2588, the high of August 23 and a seven-week high.
Investors adopted a wait-and-see position ahead of the speech by the U.S. central bank chairman, amid ongoing speculation over how close the Fed may be to implementing more economic stimulus measures.
Demand for the single currency continued to be underpinned by expectations that the European Central Bank is working on measures to help stabilize the euro zone's sovereign debt markets and bring down Spanish and Italian borrowing costs ahead of its upcoming policy meeting.
The euro was slightly higher against the pound and the yen, with EUR/GBP easing up 0.14% to 0.7924 and EUR/JPY inching up 0.05% to 98.66.
Later in the day, Italy was to auction 10-year bonds, in what would be a key test of investor appetite for the country’s debt.
Meanwhile, the U.S. was to release official data on personal income as well as a weekly report on jobless claims.
EUR/USD hit 1.2560 during late Asian trade, the session high; the pair subsequently consolidated at 1.2551, gaining 0.17%.
The pair was likely to find support at 1.2464, Tuesday’s low and resistance at 1.2588, the high of August 23 and a seven-week high.
Investors adopted a wait-and-see position ahead of the speech by the U.S. central bank chairman, amid ongoing speculation over how close the Fed may be to implementing more economic stimulus measures.
Demand for the single currency continued to be underpinned by expectations that the European Central Bank is working on measures to help stabilize the euro zone's sovereign debt markets and bring down Spanish and Italian borrowing costs ahead of its upcoming policy meeting.
The euro was slightly higher against the pound and the yen, with EUR/GBP easing up 0.14% to 0.7924 and EUR/JPY inching up 0.05% to 98.66.
Later in the day, Italy was to auction 10-year bonds, in what would be a key test of investor appetite for the country’s debt.
Meanwhile, the U.S. was to release official data on personal income as well as a weekly report on jobless claims.