Investing.com – The euro’s rally against the U.S. dollar stalled on Wednesday, after reports that Fitch Ratings Agency downgraded Ireland’s debt overshadowed worse-than-expected U.S. ADP non-farm payrolls data.
EUR/USD hit 1.3880 during European afternoon trade, the pair’s highest since February 4; the pair subsequently consolidated at 1.3869, gaining 0.20%.
The pair was likely to find support at 1.3636, Tuesday’s low and short-term resistance at 1.4025, the high of February 3.
Earlier in the day, payroll processing firm ADP said non-farm private employment declined by a seasonally adjusted 39K in September, after rising by a revised 10K in August.
Analysts had expected non-farm private sector employment to increase by 18K in September.
The report said that the decline in private employment in September “confirms a pause in the economic recovery already evident in other data”.
The euro was also up against the pound, with EUR/GBP gaining 0.37% to hit 0.8740.
Fitch cut Ireland’s rating to A from AA-, and said the outlook for the nation’s rating was negative. Fitch cited the larger-than-expected cost of recapitalizing the Irish banking sector and uncertainty about the nation’s economic outlook.
EUR/USD hit 1.3880 during European afternoon trade, the pair’s highest since February 4; the pair subsequently consolidated at 1.3869, gaining 0.20%.
The pair was likely to find support at 1.3636, Tuesday’s low and short-term resistance at 1.4025, the high of February 3.
Earlier in the day, payroll processing firm ADP said non-farm private employment declined by a seasonally adjusted 39K in September, after rising by a revised 10K in August.
Analysts had expected non-farm private sector employment to increase by 18K in September.
The report said that the decline in private employment in September “confirms a pause in the economic recovery already evident in other data”.
The euro was also up against the pound, with EUR/GBP gaining 0.37% to hit 0.8740.
Fitch cut Ireland’s rating to A from AA-, and said the outlook for the nation’s rating was negative. Fitch cited the larger-than-expected cost of recapitalizing the Irish banking sector and uncertainty about the nation’s economic outlook.