Investing.com – The euro erased losses against the U.S. dollar on Tuesday, rebounding from a 7-week low, following dovish remarks by two senior Federal Reserve officials.
EUR/USD clawed up from 1.3561, the pair’s lowest since September 30, to hit 1.3595 during late Asian trade, gaining 0.05%.
The pair was likely to find support at 1.3435, the low of September 27 and resistance at 1.3749, Monday’s high.
Earlier in the day, New York Fed President William Dudley said the need to exit from current U.S. monetary policies could be "years away".
His comments echoed those by Federal Reserve vice chairwoman Janet Yellen, who defended the Fed's November 3 decision to purchase USD600 billion more of U.S. Treasury bonds in an interview with the Wall Street Journal saying, "I see inflation lingering around current levels for a long time".
The euro was also up against the pound, with EUR/GBP climbing 0.15% to hit 0.8477.
Later in the day, euro zone finance ministers were to begin a two day meeting to find a way to end Ireland's debt crisis, with Dublin resisting pressure to seek a state bailout by signaling that only its banks may need help.
EUR/USD clawed up from 1.3561, the pair’s lowest since September 30, to hit 1.3595 during late Asian trade, gaining 0.05%.
The pair was likely to find support at 1.3435, the low of September 27 and resistance at 1.3749, Monday’s high.
Earlier in the day, New York Fed President William Dudley said the need to exit from current U.S. monetary policies could be "years away".
His comments echoed those by Federal Reserve vice chairwoman Janet Yellen, who defended the Fed's November 3 decision to purchase USD600 billion more of U.S. Treasury bonds in an interview with the Wall Street Journal saying, "I see inflation lingering around current levels for a long time".
The euro was also up against the pound, with EUR/GBP climbing 0.15% to hit 0.8477.
Later in the day, euro zone finance ministers were to begin a two day meeting to find a way to end Ireland's debt crisis, with Dublin resisting pressure to seek a state bailout by signaling that only its banks may need help.