Investing.com - The euro was higher against the dollar on Thursday recovering from losses in the previous session as investors awaited a report on U.S. retail sales, amid concerns over the outlook for the economic recovery.
EUR/USD hit 1.3686, the highest since January 28 and was last up 0.52% to 1.3665. The pair fell to lows of 1.3561 on Wednesday.
The pair was likely to find support at 1.3584, the session low and resistance at 1.3700.
Investors were looking ahead to the retail report, amid concerns that sales slumped in January after a 0.2% rise in December. Recent weak jobs reports have raised concerns over whether the U.S. recovery has lost momentum since the end of last year.
The U.S. was also to release data on initial jobless claims.
The euro fell against the other main currencies on Wednesday after European Central Bank Executive Board member Benoit Coeure said in an interview with Reuters that the bank is considering a negative deposit rate very seriously.
The remarks sparked concerns that the bank could cut rates next month, in order to safeguard the fragile recovery in the euro area.
The euro edged higher against the yen, with EUR/JPY inching up 0.06% to 139.44, up from Wednesday’s lows of 138.66.
The euro was also higher against the pound, with EUR/GBP rising 0.24% to 0.8209.
Demand for sterling continued to be underpinned after the Bank of England raised its U.K. economic growth forecast for 2014 to 3.4% from 2.8% on Wednesday, and indicated that it may raise rates as soon as next year.