Investing.com - The euro extended losses against the U.S. dollar on Tuesday, amid expectations that Federal Reserve policy meeting minutes to be published later in the day, will reveal less aggressive than expected plans for monetary easing.
EUR/USD hit 1.3776 during European afternoon trade, the pair’s lowest since October 5; the pair subsequently consolidated at 1.3822, shedding 0.39%.
The pair was likely to find short-term support at 1.3636, the low of October 5 and resistance at 1.4028, the high of October 7.
In their September 21 rate statement, Fed policy makers expressed concern over continuing low levels of inflation and high unemployment, triggering speculation that the bank would begin a fresh round of monetary easing to stimulate the U.S. economy.
The euro was also down against the pound, with EUR/GBP shedding 0.20% to hit 0.8720.
Also Tuesday, European Central Bank President, Jean-Claude Trichet was to speak at an engagement in New York.
EUR/USD hit 1.3776 during European afternoon trade, the pair’s lowest since October 5; the pair subsequently consolidated at 1.3822, shedding 0.39%.
The pair was likely to find short-term support at 1.3636, the low of October 5 and resistance at 1.4028, the high of October 7.
In their September 21 rate statement, Fed policy makers expressed concern over continuing low levels of inflation and high unemployment, triggering speculation that the bank would begin a fresh round of monetary easing to stimulate the U.S. economy.
The euro was also down against the pound, with EUR/GBP shedding 0.20% to hit 0.8720.
Also Tuesday, European Central Bank President, Jean-Claude Trichet was to speak at an engagement in New York.