Investing.com - The euro was higher against the dollar on Wednesday after better-than-forecast Chinese trade data eased concerns over a slowdown in the world’s second largest economy.
EUR/USD hit 1.3114 during late Asian trade, the session high; the pair subsequently consolidated at 1.3111, rising 0.26%.
The pair was likely to find support at 1.3052, the low of May 6 and resistance at 1.3140, the high of May 6.
Chinese imports and exports rose more than expected in April, official data on Wednesday showed, indicating that the outlook for economic growth remains good.
China's exports rose 14.7% year-on-year last month, while imports grew 16.8%, bringing the country’s trade surplus to USD18.6 billion for the month, above expectations for a surplus of USD 15.05 billion.
Sentiment on the euro remained fragile amid growing expectations for another rate cut by the European Central Bank after President Mario Draghi said Monday the bank would monitor all euro zone economic data in the coming weeks and was ready to act if needed.
The single currency was higher against the pound and the yen, with EUR/GBP rising 0.23% to 0.8463 and EUR/JPY up 0.16% to 129.66.
Germany was to release official data on industrial production later in the day.
EUR/USD hit 1.3114 during late Asian trade, the session high; the pair subsequently consolidated at 1.3111, rising 0.26%.
The pair was likely to find support at 1.3052, the low of May 6 and resistance at 1.3140, the high of May 6.
Chinese imports and exports rose more than expected in April, official data on Wednesday showed, indicating that the outlook for economic growth remains good.
China's exports rose 14.7% year-on-year last month, while imports grew 16.8%, bringing the country’s trade surplus to USD18.6 billion for the month, above expectations for a surplus of USD 15.05 billion.
Sentiment on the euro remained fragile amid growing expectations for another rate cut by the European Central Bank after President Mario Draghi said Monday the bank would monitor all euro zone economic data in the coming weeks and was ready to act if needed.
The single currency was higher against the pound and the yen, with EUR/GBP rising 0.23% to 0.8463 and EUR/JPY up 0.16% to 129.66.
Germany was to release official data on industrial production later in the day.