Investing.com - The euro was steady against the U.S. dollar on Wednesday, trading close to a seven-week high as investors continued to eye a speech by Federal Reserve Chairman Ben Bernanke on Friday, amid hopes for imminent action by world central banks to bolster growth.
EUR/USD hit 1.2553 during late Asian trade, the daily low; the pair subsequently consolidated at 1.2558, easing 0.06%.
The pair was likely to find support at 1.2480, the low of August 24 and resistance at 1.2663, the high of June 15.
The euro found support after the European Central Bank said on Tuesday that its President Mario Draghi would not be attending an annual symposium in Jackson Hole, Wyoming, on Friday, due to his "heavy workload" in the next few days.
The unexpected announcement fuelled expectations that the ECB is working on policy measures to help stabilize the euro zone's sovereign debt markets, ahead of its next policy meeting on September 6.
The ECB president had been due to speak at the summit on Saturday, one day after a keenly anticipated speech by Federal Reserve Chairman Ben Bernanke, amid ongoing speculation over how close the U.S. central bank is to implementing more stimulus measures.
Gains were limited however, as investors remained cautious after data on Tuesday showed that the Spanish economy fell deeper into recession in the second quarter and the country's most economically important region, Catalonia, said it needed a major rescue from Madrid.
Elsewhere, the euro was also steady against the pound with EUR/GBP inching down 0.03%, to hit 0.7939.
Later in the day, Germany was to release preliminary data on consumer price inflation.
The U.S. was to produce revised data on second quarter gross domestic product, followed by an industry report on pending home sales.
EUR/USD hit 1.2553 during late Asian trade, the daily low; the pair subsequently consolidated at 1.2558, easing 0.06%.
The pair was likely to find support at 1.2480, the low of August 24 and resistance at 1.2663, the high of June 15.
The euro found support after the European Central Bank said on Tuesday that its President Mario Draghi would not be attending an annual symposium in Jackson Hole, Wyoming, on Friday, due to his "heavy workload" in the next few days.
The unexpected announcement fuelled expectations that the ECB is working on policy measures to help stabilize the euro zone's sovereign debt markets, ahead of its next policy meeting on September 6.
The ECB president had been due to speak at the summit on Saturday, one day after a keenly anticipated speech by Federal Reserve Chairman Ben Bernanke, amid ongoing speculation over how close the U.S. central bank is to implementing more stimulus measures.
Gains were limited however, as investors remained cautious after data on Tuesday showed that the Spanish economy fell deeper into recession in the second quarter and the country's most economically important region, Catalonia, said it needed a major rescue from Madrid.
Elsewhere, the euro was also steady against the pound with EUR/GBP inching down 0.03%, to hit 0.7939.
Later in the day, Germany was to release preliminary data on consumer price inflation.
The U.S. was to produce revised data on second quarter gross domestic product, followed by an industry report on pending home sales.