Investing.com- The euro was up against the U.S. dollar on Wednesday, rising to hit a 2-day high, after minutes of the last meeting of Federal Reserve policy makers indicated that fresh stimulus measures could be necessary.
EUR/USD hit 1.3978 during late Asian trade, the pair’s highest since October 11, the pair subsequently consolidated at 1.3959, gaining 0.24%.
The pair was likely to find support at 1.3774, Tuesday’s low and resistance at 1.4028, the high of October 7.
On Tuesday, the minutes of the September 21 meeting of Federal Open Market Committee showed that "many participants" believed "it would be appropriate to provide additional monetary policy accommodation" if unemployment remained too high or inflation too low.
Officials thought it unlikely the U.S. economy would fall into recession again, but several were concerned that growth would not be strong enough to reduce unemployment for some time.
Meanwhile, the euro was down against the pound, with EUR/GBP shedding 0.05% to hit 0.8803.
Also Tuesday, European Central Bank Governing Council member Axel Weber, highlighted the divergence between the euro zone and the U.S. after he warned that the risks associated with "exiting (looser monetary policy) too late" are greater than possible negative implications from "exiting too early."
EUR/USD hit 1.3978 during late Asian trade, the pair’s highest since October 11, the pair subsequently consolidated at 1.3959, gaining 0.24%.
The pair was likely to find support at 1.3774, Tuesday’s low and resistance at 1.4028, the high of October 7.
On Tuesday, the minutes of the September 21 meeting of Federal Open Market Committee showed that "many participants" believed "it would be appropriate to provide additional monetary policy accommodation" if unemployment remained too high or inflation too low.
Officials thought it unlikely the U.S. economy would fall into recession again, but several were concerned that growth would not be strong enough to reduce unemployment for some time.
Meanwhile, the euro was down against the pound, with EUR/GBP shedding 0.05% to hit 0.8803.
Also Tuesday, European Central Bank Governing Council member Axel Weber, highlighted the divergence between the euro zone and the U.S. after he warned that the risks associated with "exiting (looser monetary policy) too late" are greater than possible negative implications from "exiting too early."