Investing.com – The euro extended gains against the U.S. dollar on Wednesday, rising to hit a fresh 8-month high, as concerns that further monetary easing may be required to support the faltering U.S. economy weighed on the dollar.
EUR/USD hit 1.3917 during European afternoon trade, the pair’s highest since February 3; the pair subsequently consolidated at 1.3913, gaining 0.53%.
The pair was likely to find support at 1.3636, Tuesday’s low and resistance at 1.4178, the high of January 26.
Earlier in the day, U.S. payroll processing firm ADP said non-farm private employment declined by a seasonally adjusted 39K in September, after rising by a revised 10K in August.
Analysts had expected non-farm private sector employment to increase by 18K in September.
The report said that the decline in private employment in September “confirms a pause in the economic recovery already evident in other data”.
The euro was also up against the pound, with EUR/GBP gaining 0.47% to hit 0.8751.
Also Wednesday, Fitch Ratings Agency downgraded Ireland’s debt rating to A from AA-, and said the outlook for the nation’s rating was negative. Fitch cited the larger-than-expected cost of recapitalizing the Irish banking sector and uncertainty about the nation’s economic outlook.
EUR/USD hit 1.3917 during European afternoon trade, the pair’s highest since February 3; the pair subsequently consolidated at 1.3913, gaining 0.53%.
The pair was likely to find support at 1.3636, Tuesday’s low and resistance at 1.4178, the high of January 26.
Earlier in the day, U.S. payroll processing firm ADP said non-farm private employment declined by a seasonally adjusted 39K in September, after rising by a revised 10K in August.
Analysts had expected non-farm private sector employment to increase by 18K in September.
The report said that the decline in private employment in September “confirms a pause in the economic recovery already evident in other data”.
The euro was also up against the pound, with EUR/GBP gaining 0.47% to hit 0.8751.
Also Wednesday, Fitch Ratings Agency downgraded Ireland’s debt rating to A from AA-, and said the outlook for the nation’s rating was negative. Fitch cited the larger-than-expected cost of recapitalizing the Irish banking sector and uncertainty about the nation’s economic outlook.