Investing.com – The euro held gains against the U.S. dollar on Monday, trading close to a four-month high as a combination of rising oil prices and the Federal Reserves loose monetary policy weighed on sentiment towards the greenback.
EUR/USD hit 1.4036 during European late afternoon trade, the pair’s highest since November 8; the pair subsequently consolidated at 1.4008, climbing 0.15%.
The pair was likely to find support at 1.3832, Thursday’s low and short-term resistance at 1.4084, the high of November 8.
Earlier in the day, the single currency briefly slipped after ratings agency Moody's downgraded Greece’s sovereign debt to B1 from Ba1, with a negative outlook, saying the likelihood that the country will default has risen since June.
Moody's also said Greece's reforms and consolidation plans were very ambitious and were subject to considerable implementation risks, while the country continues to struggle with revenue collection.
However, the euro found support after European Central Bank President Jean-Claude Trichet said Thursday that interest rates may rise as early as next month.
The euro was also higher against the pound, with EUR/GBP rising 0.39% to hit 0.8631.
Later in the day, the U.S. was to publish official data on consumer credit.
EUR/USD hit 1.4036 during European late afternoon trade, the pair’s highest since November 8; the pair subsequently consolidated at 1.4008, climbing 0.15%.
The pair was likely to find support at 1.3832, Thursday’s low and short-term resistance at 1.4084, the high of November 8.
Earlier in the day, the single currency briefly slipped after ratings agency Moody's downgraded Greece’s sovereign debt to B1 from Ba1, with a negative outlook, saying the likelihood that the country will default has risen since June.
Moody's also said Greece's reforms and consolidation plans were very ambitious and were subject to considerable implementation risks, while the country continues to struggle with revenue collection.
However, the euro found support after European Central Bank President Jean-Claude Trichet said Thursday that interest rates may rise as early as next month.
The euro was also higher against the pound, with EUR/GBP rising 0.39% to hit 0.8631.
Later in the day, the U.S. was to publish official data on consumer credit.