Investing.com - The euro was steady against the dollar on Wednesday after initially rising to three-week highs when Federal Reserve Chairman Ben Bernanke reiterated the bank’s commitment to highly accommodative monetary policy.
During late Asian trade EUR/USD edged up 0.03% to 1.3540, after rising as high as 1.3578 earlier, the highest level since November 1.
The pair was likely to find support at 1.3486, Tuesday’s low and resistance at 1.3588, the high of November 1.
Bernanke said the Fed would maintain its accommodative monetary policy for as long as needed and would taper its USD85 billion-a-month asset purchase program only when it was sure that improvements in the labor market would continue.
Interest rates will probably remain near zero for a “considerable time” after the bank winds up asset purchase program, he added.
Last week Janet Yellen, who has been nominated to succeed Ben Bernanke, reiterated the need for continued stimulus to ensure a robust economic recovery.
Investors were turning their attention to the minutes of the Fed’s October meeting due later Wednesday for further indications on the future course of U.S. monetary policy.
The euro was little changed against the yen, with EUR/JPY dipping 0.05% to 135.48, after touching highs of 135.94 earlier, the highest level since October 2009.
Elsewhere, the dollar was fractionally lower against the yen, with USD/JPY edging down 0.07% to 100.06, holding below the two-month high of 100.46 struck on Friday.
Markets were looking ahead to U.S. data on retail sales and consumer prices later in the trading day.
During late Asian trade EUR/USD edged up 0.03% to 1.3540, after rising as high as 1.3578 earlier, the highest level since November 1.
The pair was likely to find support at 1.3486, Tuesday’s low and resistance at 1.3588, the high of November 1.
Bernanke said the Fed would maintain its accommodative monetary policy for as long as needed and would taper its USD85 billion-a-month asset purchase program only when it was sure that improvements in the labor market would continue.
Interest rates will probably remain near zero for a “considerable time” after the bank winds up asset purchase program, he added.
Last week Janet Yellen, who has been nominated to succeed Ben Bernanke, reiterated the need for continued stimulus to ensure a robust economic recovery.
Investors were turning their attention to the minutes of the Fed’s October meeting due later Wednesday for further indications on the future course of U.S. monetary policy.
The euro was little changed against the yen, with EUR/JPY dipping 0.05% to 135.48, after touching highs of 135.94 earlier, the highest level since October 2009.
Elsewhere, the dollar was fractionally lower against the yen, with USD/JPY edging down 0.07% to 100.06, holding below the two-month high of 100.46 struck on Friday.
Markets were looking ahead to U.S. data on retail sales and consumer prices later in the trading day.