Investing.com - The euro pushed higher against the U.S. dollar on Thursday, after the Federal Reserve said Wednesday that some aspects of the U.S. economy were improving, but said some help was still needed to bolster growth.
EUR/USD hit 1.3014 during early European trade, the pair’s highest since Tuesday; the pair subsequently consolidated at 1.2995, gaining 0.18%.
The pair was likely to find support at 1.2919, Wednesday’s low and resistance at 1.3074, Tuesday’s high.
In its rate statement on Wednesday, the Fed said the U.S. economy is improving moderately, but said job growth has been slow and the unemployment rate remains elevated.
The central bank also said it planned to keep its benchmark short-term rate close to zero through mid-2015.
Sentiment on the euro remained fragile as investors awaited any indication that Spain is moving closer to formally requesting a bailout from its euro zone partners and activating the European Central Bank’s bond purchasing plan.
The euro was little changed against the pound, with EUR/GBP inching up 0.01% to 0.8089, but gained ground against the broadly weaker yen, with EUR/JPY rising 0.63% to 104.17.
The yen remained under broad selling pressure amid speculation over the possibility of more easing by the Bank of Japan at its upcoming policy meeting on October 30.
Later Thursday, the U.S. was to release official data on durable goods orders, as well as reports on pending home sales and initial jobless claims.
EUR/USD hit 1.3014 during early European trade, the pair’s highest since Tuesday; the pair subsequently consolidated at 1.2995, gaining 0.18%.
The pair was likely to find support at 1.2919, Wednesday’s low and resistance at 1.3074, Tuesday’s high.
In its rate statement on Wednesday, the Fed said the U.S. economy is improving moderately, but said job growth has been slow and the unemployment rate remains elevated.
The central bank also said it planned to keep its benchmark short-term rate close to zero through mid-2015.
Sentiment on the euro remained fragile as investors awaited any indication that Spain is moving closer to formally requesting a bailout from its euro zone partners and activating the European Central Bank’s bond purchasing plan.
The euro was little changed against the pound, with EUR/GBP inching up 0.01% to 0.8089, but gained ground against the broadly weaker yen, with EUR/JPY rising 0.63% to 104.17.
The yen remained under broad selling pressure amid speculation over the possibility of more easing by the Bank of Japan at its upcoming policy meeting on October 30.
Later Thursday, the U.S. was to release official data on durable goods orders, as well as reports on pending home sales and initial jobless claims.