Investing.com - The euro slipped lower against the dollar on Wednesday, but losses were limited as investors awaited the minutes of the Federal Reserve’s latest meeting later in the trading day.
EUR/USD hit 1.3381 during European afternoon trade, the session low; the pair subsequently consolidated at 1.3391, shedding 0.19%.
The pair was likely to find support at 1.3322, Tuesday’s low and resistance at 1.3451, Tuesday’s high and a six-month high.
Investors were awaiting the release of the minutes from the Fed’s July meeting later Wednesday for further indications as to when the central bank may start to unwind its USD85 billion-a-month asset purchase program.
Market sentiment has been hit by mounting expectations that the Fed may start to phase out stimulus measures, known as quantitative easing, as soon as next month.
Fed Chairman Ben Bernanke has said that the decision to start tapering will depend on whether economic data is strong enough.
Elsewhere, the euro was lower against the pound, with EUR/GBP sliding 0.32% to 0.8533 and was steady against the yen, with EUR/JPY inching up 0.03% to 130.53.
Sterling found support after a report by the Confederation of British Industry showed that industrial orders rose to a two year high in August, boosting the outlook for the economic recovery.
A report earlier showed that the U.K.’s public sector posted a deficit of GBP1.6 billion in July. It was the first deficit for the month of July, which usually shows a surplus due to tax payments, since 2010.
EUR/USD hit 1.3381 during European afternoon trade, the session low; the pair subsequently consolidated at 1.3391, shedding 0.19%.
The pair was likely to find support at 1.3322, Tuesday’s low and resistance at 1.3451, Tuesday’s high and a six-month high.
Investors were awaiting the release of the minutes from the Fed’s July meeting later Wednesday for further indications as to when the central bank may start to unwind its USD85 billion-a-month asset purchase program.
Market sentiment has been hit by mounting expectations that the Fed may start to phase out stimulus measures, known as quantitative easing, as soon as next month.
Fed Chairman Ben Bernanke has said that the decision to start tapering will depend on whether economic data is strong enough.
Elsewhere, the euro was lower against the pound, with EUR/GBP sliding 0.32% to 0.8533 and was steady against the yen, with EUR/JPY inching up 0.03% to 130.53.
Sterling found support after a report by the Confederation of British Industry showed that industrial orders rose to a two year high in August, boosting the outlook for the economic recovery.
A report earlier showed that the U.K.’s public sector posted a deficit of GBP1.6 billion in July. It was the first deficit for the month of July, which usually shows a surplus due to tax payments, since 2010.