Investing.com – The euro was slightly lower against the U.S. dollar on Wednesday, but remained supported as investors waited to see if the Federal Reserve would announce fresh measures to shore up growth in the U.S.
EUR/USD hit 1.3642 during European late morning trade, the daily low; the pair subsequently consolidated at 1.3670, shedding 0.23%.
The pair was likely to find support at 1.3592, Monday’s low and resistance at 1.3782, the high of September 14.
The Federal Reserve’s Open Market Committee was to conclude its two-day policy meeting later in the day. Following the meeting, Fed Chairman Ben Bernanke was expected to announce plans to replace short-term Treasuries with long-term bonds, in a move known as Operation Twist.
Elsewhere, concerns over the debt crisis in the euro zone eased after Greece’s finance minister said “good progress” had been made in a second round of talks with the European Union and International Monetary Fund on Tuesday and added that talks would continue this weekend.
Meanwhile, the euro was higher against the pound, with EUR/GBP rising 0.17% to hit 0.8722.
Earlier in the day, the minutes of the Bank of England’s September policy meeting showed most policymakers believed the economic conditions seen in the past month had strengthened the case for an "immediate" return to the policy of quantitative easing.
A separate report showed that U.K. public sector net borrowing rose more-than-expected in August, climbing to GBP13.2 billion, above expectations for an increase to GBP11.4 billion.
EUR/USD hit 1.3642 during European late morning trade, the daily low; the pair subsequently consolidated at 1.3670, shedding 0.23%.
The pair was likely to find support at 1.3592, Monday’s low and resistance at 1.3782, the high of September 14.
The Federal Reserve’s Open Market Committee was to conclude its two-day policy meeting later in the day. Following the meeting, Fed Chairman Ben Bernanke was expected to announce plans to replace short-term Treasuries with long-term bonds, in a move known as Operation Twist.
Elsewhere, concerns over the debt crisis in the euro zone eased after Greece’s finance minister said “good progress” had been made in a second round of talks with the European Union and International Monetary Fund on Tuesday and added that talks would continue this weekend.
Meanwhile, the euro was higher against the pound, with EUR/GBP rising 0.17% to hit 0.8722.
Earlier in the day, the minutes of the Bank of England’s September policy meeting showed most policymakers believed the economic conditions seen in the past month had strengthened the case for an "immediate" return to the policy of quantitative easing.
A separate report showed that U.K. public sector net borrowing rose more-than-expected in August, climbing to GBP13.2 billion, above expectations for an increase to GBP11.4 billion.