Investing.com - The euro was little changed near one-week lows against the dollar on Wednesday, after data on Tuesday showed that German business confidence improved in September, but to a lower than expected level.
EUR/USD hit 1.3462 during late Asian trade, the lowest since September 18; the pair subsequently consolidated at 1.3473, dipping 0.01%.
The pair was likely to find support at 1.3450 and resistance at 1.3518, Tuesday’s high.
The euro drifted lower against the dollar on Tuesday after a report showed that the German Ifo business climate index ticked up to 107.7 in September, the highest level since March 2012 but was still below expectations for a reading of 108.2.
The single currency also remained under pressure after senior European Central Bank official Ewald Nowotny said Tuesday it was too soon for the bank to exit from crisis measures.
The comments came after ECB President Mario Draghi said Monday the bank is ready to inject a third round of liquidity into the region’s banks if needed, in order to safeguard the bloc’s recovery.
Investors also remained cautious amid concerns over the outlook for the U.S. recovery after last week’s surprise decision by the Federal Reserve to keep its stimulus program on tack.
The euro was slightly higher against the pound, with EUR/GBP inching up 0.08% to 0.8424 and dipped lower against the yen, with EUR/JPY slipping 0.09% to 132.92.
The U.S. was to release data on durable goods orders and new home sales later in the trading day, while the euro zone was to release a report on German consumer climate.
EUR/USD hit 1.3462 during late Asian trade, the lowest since September 18; the pair subsequently consolidated at 1.3473, dipping 0.01%.
The pair was likely to find support at 1.3450 and resistance at 1.3518, Tuesday’s high.
The euro drifted lower against the dollar on Tuesday after a report showed that the German Ifo business climate index ticked up to 107.7 in September, the highest level since March 2012 but was still below expectations for a reading of 108.2.
The single currency also remained under pressure after senior European Central Bank official Ewald Nowotny said Tuesday it was too soon for the bank to exit from crisis measures.
The comments came after ECB President Mario Draghi said Monday the bank is ready to inject a third round of liquidity into the region’s banks if needed, in order to safeguard the bloc’s recovery.
Investors also remained cautious amid concerns over the outlook for the U.S. recovery after last week’s surprise decision by the Federal Reserve to keep its stimulus program on tack.
The euro was slightly higher against the pound, with EUR/GBP inching up 0.08% to 0.8424 and dipped lower against the yen, with EUR/JPY slipping 0.09% to 132.92.
The U.S. was to release data on durable goods orders and new home sales later in the trading day, while the euro zone was to release a report on German consumer climate.