Investing.com - The euro firmed against the dollar on Wednesday after reports emerged that the European Central Bank will leave rates unchanged at a policy meeting that concludes on Thursday.
Better-than-expected factory data out of Germany bolstered the single currency as well.
In U.S. trading on Wednesday, EUR/USD was up 0.37% at 1.3526, up from a session low of 1.3468 and off from a high of 1.3548.
The pair was likely to find support at 1.3442, Monday's low, and resistance at 1.3818, the high from Oct. 28.
The euro firmed on reports that ECB sources said the monetary authority was unlikely to cut rates at its monthly meeting on Thursday despite soft pricing and employment data.
Separately, factory orders in Germany, Europe's largest economy, rose 3.3% in September, far surpassing expectations for a gain of 0.5% and were also up 7.9% on year.
Elsewhere, revised data revealed that the final reading of the euro zone’s services purchasing managers’ index ticked down to 51.6 in October from 52.2 in September but was still higher than a preliminary estimate of 50.9.
Capping the euro's advance, however, was separate report showing that euro zone retail sales fell 0.6% in September from August, more than market calls for a 0.4% contraction.
On a yearly basis, euro zone retail sales rose 0.3%, missing consensus forecasts for a 0.7% expansion.
The euro, meanwhile, was up against the pound and up against the yen, with EUR/GBP trading up 0.16% at 0.8414 and EUR/JPY trading up 0.49% at 133.38.
On Thursday, Germany is to release a report on industrial production. Later in the day, after the ECB announces its benchmark interest rate, ECB President Mario Draghi will host a press conference.
The U.S., meanwhile, is to publish a preliminary estimate of third quarter gross domestic product, the broadest indicator of economic activity and the leading indicator of economic growth. Meanwhile, the Labor Department is to release its weekly report on initial jobless claims.
Better-than-expected factory data out of Germany bolstered the single currency as well.
In U.S. trading on Wednesday, EUR/USD was up 0.37% at 1.3526, up from a session low of 1.3468 and off from a high of 1.3548.
The pair was likely to find support at 1.3442, Monday's low, and resistance at 1.3818, the high from Oct. 28.
The euro firmed on reports that ECB sources said the monetary authority was unlikely to cut rates at its monthly meeting on Thursday despite soft pricing and employment data.
Separately, factory orders in Germany, Europe's largest economy, rose 3.3% in September, far surpassing expectations for a gain of 0.5% and were also up 7.9% on year.
Elsewhere, revised data revealed that the final reading of the euro zone’s services purchasing managers’ index ticked down to 51.6 in October from 52.2 in September but was still higher than a preliminary estimate of 50.9.
Capping the euro's advance, however, was separate report showing that euro zone retail sales fell 0.6% in September from August, more than market calls for a 0.4% contraction.
On a yearly basis, euro zone retail sales rose 0.3%, missing consensus forecasts for a 0.7% expansion.
The euro, meanwhile, was up against the pound and up against the yen, with EUR/GBP trading up 0.16% at 0.8414 and EUR/JPY trading up 0.49% at 133.38.
On Thursday, Germany is to release a report on industrial production. Later in the day, after the ECB announces its benchmark interest rate, ECB President Mario Draghi will host a press conference.
The U.S., meanwhile, is to publish a preliminary estimate of third quarter gross domestic product, the broadest indicator of economic activity and the leading indicator of economic growth. Meanwhile, the Labor Department is to release its weekly report on initial jobless claims.