Investing.com - The euro held gains against the U.S. dollar on Tuesday, following news that European Central Bank President Mario Draghi cancelled plans to attend the Federal Reserve’s annual Jackson Hole summit later this week.
EUR/USD hit 1.2561 during European afternoon trade, the pair’s highest since Friday; the pair subsequently consolidated at 1.2545, rising 0.38%.
The pair was likely to find support at 1.2464, the session low and resistance at 1.2588, the high of August 23 and a seven-week high.
The euro advanced to a session high against the greenback after the ECB said Draghi would not be attending the Federal Reserve’s annual summit meeting in Jackson Hole, Wyoming, due to his "heavy workload" in the next few days.
The unexpected announcement fuelled expectations that the ECB is working on policy measures to help stabilize the euro zone's sovereign debt markets, ahead of its next policy meeting on September 6.
The ECB president had been due to speak at the summit on Saturday, one day after a keenly anticipated speech by Fed Chairman Ben Bernanke.
Earlier Tuesday, Italy saw borrowing costs fall sharply at an auction of two-year government bonds.
Italy’s Treasury sold EUR3.0 billion of bonds maturing in May 2014, the top end of the targeted range, at an average yield of 3.06%, down from 4.86% at a similar auction last month.
The euro was trading close to session highs against the pound and the yen, with EUR/GBP rising 0.37% to 0.7943 and EUR/JPY up 0.21% to 98.61.
Later in the day, the U.S. was to release a report on consumer confidence, as well as industry data on house price inflation.
EUR/USD hit 1.2561 during European afternoon trade, the pair’s highest since Friday; the pair subsequently consolidated at 1.2545, rising 0.38%.
The pair was likely to find support at 1.2464, the session low and resistance at 1.2588, the high of August 23 and a seven-week high.
The euro advanced to a session high against the greenback after the ECB said Draghi would not be attending the Federal Reserve’s annual summit meeting in Jackson Hole, Wyoming, due to his "heavy workload" in the next few days.
The unexpected announcement fuelled expectations that the ECB is working on policy measures to help stabilize the euro zone's sovereign debt markets, ahead of its next policy meeting on September 6.
The ECB president had been due to speak at the summit on Saturday, one day after a keenly anticipated speech by Fed Chairman Ben Bernanke.
Earlier Tuesday, Italy saw borrowing costs fall sharply at an auction of two-year government bonds.
Italy’s Treasury sold EUR3.0 billion of bonds maturing in May 2014, the top end of the targeted range, at an average yield of 3.06%, down from 4.86% at a similar auction last month.
The euro was trading close to session highs against the pound and the yen, with EUR/GBP rising 0.37% to 0.7943 and EUR/JPY up 0.21% to 98.61.
Later in the day, the U.S. was to release a report on consumer confidence, as well as industry data on house price inflation.