Investing.com - The euro was almost unchanged against the dollar on Wednesday, as investors awaited minutes from the Federal Reserve's December meeting, after initially falling to session lows following better-than-expected data on U.S. private sector job creation.
EUR/USD fell to lows of 1.3568, the weakest since December 5, and was last down just 0.02% to 1.3612.
The pair was likely to find support at 1.3525, the low of December 3 and resistance at 1.3670, the high of January 3.
The euro initially fell to session lows after data showed that the U.S. private sector added the largest number of jobs since November 2012 last month.
ADP nonfarm payrolls rose by 238,000 in December, easily surpassing expectations for an increase of 200,000. November’s figure was revised up to a gain of 229,000 from a previously reported increase of 215,000.
The strong data bolstered the outlook for the recovery in the labor market going into 2014 ahead of Friday’s keenly anticipated jobs report for December.
But the euro came off lows amid caution ahead of the minutes of the Fed’s December meeting, due for release later in the session. Investors were looking to the minutes for indications on the possible timing of further reductions in the bank’s stimulus program.
In the euro zone, data on Wednesday showed that the unemployment rate in the region remained unchanged at 12.1% in November, while euro zone retail sales rebounded strongly in November.
Retail sales rose 1.4% in November, the biggest rise since November 2001 Eurostat said, recovering from a 0.4% fall in October.
A separate report showed that German factory orders surged 2.1% in November, surpassing expectations for a gain of 1.5%.
Elsewhere, the euro was lower against the pound, with EUR/GBP down 0.37% to 0.8270, but was higher against the yen, with EUR/JPY rising 0.20% to 142.68.
EUR/USD fell to lows of 1.3568, the weakest since December 5, and was last down just 0.02% to 1.3612.
The pair was likely to find support at 1.3525, the low of December 3 and resistance at 1.3670, the high of January 3.
The euro initially fell to session lows after data showed that the U.S. private sector added the largest number of jobs since November 2012 last month.
ADP nonfarm payrolls rose by 238,000 in December, easily surpassing expectations for an increase of 200,000. November’s figure was revised up to a gain of 229,000 from a previously reported increase of 215,000.
The strong data bolstered the outlook for the recovery in the labor market going into 2014 ahead of Friday’s keenly anticipated jobs report for December.
But the euro came off lows amid caution ahead of the minutes of the Fed’s December meeting, due for release later in the session. Investors were looking to the minutes for indications on the possible timing of further reductions in the bank’s stimulus program.
In the euro zone, data on Wednesday showed that the unemployment rate in the region remained unchanged at 12.1% in November, while euro zone retail sales rebounded strongly in November.
Retail sales rose 1.4% in November, the biggest rise since November 2001 Eurostat said, recovering from a 0.4% fall in October.
A separate report showed that German factory orders surged 2.1% in November, surpassing expectations for a gain of 1.5%.
Elsewhere, the euro was lower against the pound, with EUR/GBP down 0.37% to 0.8270, but was higher against the yen, with EUR/JPY rising 0.20% to 142.68.