Investing.com – The euro edged higher against the U.S. dollar on Wednesday, hitting a one-week high after Greek Prime Minister George Papandreou survived a key parliamentary confidence vote late Tuesday.
EUR/USD hit 1.4433 during late Asian trade, the pair’s highest since June 15; the pair subsequently consolidated at 1.4420, edging 0.12% higher.
The pair was likely to find support at 1.4301, Tuesday’s low and resistance at 1.4496, the high of June 14.
Greece’s parliament supported Prime Minister Papandreou’s new cabinet on Tuesday, wining the support of 155 out of 300 parliament members.
The confidence vote fuelled hopes that Greek lawmakers would support next week’s vote on harsh austerity measures, which include EUR28 billion in spending cuts and new taxes over the next five years.
Meanwhile, markets focused on the Federal Reserve's policy setting meeting, which was to be followed with a press conference by Fed Chairman Ben Bernanke later in the day.
Mr. Bernanke was widely expected to reaffirm the bank’s pledge to hold interest rates near zero for an extended period, while investors will watch for clues regarding the current round of quantitative easing, which was due to end on June 30.
Elsewhere, the euro was modestly lower against the pound, with EUR/GBP easing down 0.03% to hit 0.8869.
Later in the day, the euro zone was to publish official data on industrial new orders as well as data on consumer confidence.
EUR/USD hit 1.4433 during late Asian trade, the pair’s highest since June 15; the pair subsequently consolidated at 1.4420, edging 0.12% higher.
The pair was likely to find support at 1.4301, Tuesday’s low and resistance at 1.4496, the high of June 14.
Greece’s parliament supported Prime Minister Papandreou’s new cabinet on Tuesday, wining the support of 155 out of 300 parliament members.
The confidence vote fuelled hopes that Greek lawmakers would support next week’s vote on harsh austerity measures, which include EUR28 billion in spending cuts and new taxes over the next five years.
Meanwhile, markets focused on the Federal Reserve's policy setting meeting, which was to be followed with a press conference by Fed Chairman Ben Bernanke later in the day.
Mr. Bernanke was widely expected to reaffirm the bank’s pledge to hold interest rates near zero for an extended period, while investors will watch for clues regarding the current round of quantitative easing, which was due to end on June 30.
Elsewhere, the euro was modestly lower against the pound, with EUR/GBP easing down 0.03% to hit 0.8869.
Later in the day, the euro zone was to publish official data on industrial new orders as well as data on consumer confidence.