Investing.com - The euro edged higher against the U.S. dollar on Wednesday, amid speculation that the Federal Reserve would signal a fresh round of easing after its policy-setting meeting later in the day.
EUR/USD hit 1.3802 during early European afternoon trade, the daily high; the pair subsequently consolidated at 1.3771, rising 0.50%.
The pair was likely to find support at 1.3607, the low of November 1 and resistance at 1.3868, the high of October 19.
Earlier in the day, Greece's Prime Minister George Papandreou won the backing of his cabinet to hold a referendum on a EUR130 billion bailout package and was due to meet with French and German leaders to discuss the planned vote later in the day.
If Greece rejects the deal it would put the next tranche of aid to Athens in jeopardy, pushing the country closer to a default and increasing the risk of contagion in global financial markets.
Meanwhile, data showed that the number of unemployed people in Germany rose unexpectedly in October, climbing by 10,000, pushing the unemployment rate up to 7.0% from 6.9% in September.
Elsewhere, the euro was higher against the pound with EUR/GBP climbing 0.28%, to hit 0.8617.
Later in the day, the U.S. was to release private sector data on non-farm payrolls. Meanwhile, the Federal Reserve was to conclude its two-day policy-setting meeting; Fed Chairman Ben Bernanke was to conduct the bank’s post-policy meeting press conference.
EUR/USD hit 1.3802 during early European afternoon trade, the daily high; the pair subsequently consolidated at 1.3771, rising 0.50%.
The pair was likely to find support at 1.3607, the low of November 1 and resistance at 1.3868, the high of October 19.
Earlier in the day, Greece's Prime Minister George Papandreou won the backing of his cabinet to hold a referendum on a EUR130 billion bailout package and was due to meet with French and German leaders to discuss the planned vote later in the day.
If Greece rejects the deal it would put the next tranche of aid to Athens in jeopardy, pushing the country closer to a default and increasing the risk of contagion in global financial markets.
Meanwhile, data showed that the number of unemployed people in Germany rose unexpectedly in October, climbing by 10,000, pushing the unemployment rate up to 7.0% from 6.9% in September.
Elsewhere, the euro was higher against the pound with EUR/GBP climbing 0.28%, to hit 0.8617.
Later in the day, the U.S. was to release private sector data on non-farm payrolls. Meanwhile, the Federal Reserve was to conclude its two-day policy-setting meeting; Fed Chairman Ben Bernanke was to conduct the bank’s post-policy meeting press conference.