Investing.com – The euro extended gains against the U.S. dollar on Wednesday, soaring to a fresh daily high, ahead of the release of key U.S. economic data.
EUR/USD hit 1.1.3989 during late European trade, a fresh daily high; the pair subsequently consolidated at 1.3980, jumping 1.81%.
The pair was likely to find support at 1.3636, the low of October 5 and resistance at 1.4157, the high of October 15 and an 8-month high.
On Tuesday, three regional Federal Reserve presidents signaled that the central bank will begin a second round of asset purchases with two saying asset purchases must be big enough to aid the economy.
Chicago Fed president Charles Evans said the bank would need to buy securities on a large scale several times in order to temporarily to raise inflation. Meanwhile, Atlanta Fed president Denis Lockhart said that a rate of USD 100 billion of purchases per month is “in the range of numbers one might consider.”
The euro was also down against the pound, with EUR/GBP gaining 0.65% to hit 0.8796.
Later in the day, the Federal Reserve was to release its Beige Book, a summary of the data the bank examines before setting the benchmark interest rate.
EUR/USD hit 1.1.3989 during late European trade, a fresh daily high; the pair subsequently consolidated at 1.3980, jumping 1.81%.
The pair was likely to find support at 1.3636, the low of October 5 and resistance at 1.4157, the high of October 15 and an 8-month high.
On Tuesday, three regional Federal Reserve presidents signaled that the central bank will begin a second round of asset purchases with two saying asset purchases must be big enough to aid the economy.
Chicago Fed president Charles Evans said the bank would need to buy securities on a large scale several times in order to temporarily to raise inflation. Meanwhile, Atlanta Fed president Denis Lockhart said that a rate of USD 100 billion of purchases per month is “in the range of numbers one might consider.”
The euro was also down against the pound, with EUR/GBP gaining 0.65% to hit 0.8796.
Later in the day, the Federal Reserve was to release its Beige Book, a summary of the data the bank examines before setting the benchmark interest rate.