Investing.com - The euro was little changed against the dollar on Tuesday as investors positioned ahead of the outcome of the Federal Reserve’s latest policy meeting, which concludes on Wednesday.
EUR/USD hit 1.3385 during late Asian trade, the session high; the pair subsequently consolidated at 1.3343, inching up 0.06%.
The pair was likely to find support at 1.3300 and near-term resistance at 1.3384, Monday’s high and a three-week high.
Investors remained cautious ahead of the outcome of the Fed’ two-day policy meeting after a recent series of lackluster U.S. data raised doubts over whether the bank will announce plans to start rolling back its USD85 billion-a-month bond buying program.
The dollar weakened across the board on Monday after former U.S. Treasury Secretary Lawrence Summers bowed out of the race to succeed Ben Bernanke as the next chairman of the U.S. central bank.
Summers’ was perceived as being likely to unwind economic stimulus measures more aggressively than the other main contender for the post, Janet Yellen.
Elsewhere, the euro was steady against the pound, with EUR/GBP dipping 0.02% to 0.8385 and was slightly higher against the yen, with EUR/JPY easing up 0.12% to 132.25.
The ZEW Institute was to release its closely watched report on German economic sentiment later Tuesday, while the U.S. was to release data on consumer price inflation.
EUR/USD hit 1.3385 during late Asian trade, the session high; the pair subsequently consolidated at 1.3343, inching up 0.06%.
The pair was likely to find support at 1.3300 and near-term resistance at 1.3384, Monday’s high and a three-week high.
Investors remained cautious ahead of the outcome of the Fed’ two-day policy meeting after a recent series of lackluster U.S. data raised doubts over whether the bank will announce plans to start rolling back its USD85 billion-a-month bond buying program.
The dollar weakened across the board on Monday after former U.S. Treasury Secretary Lawrence Summers bowed out of the race to succeed Ben Bernanke as the next chairman of the U.S. central bank.
Summers’ was perceived as being likely to unwind economic stimulus measures more aggressively than the other main contender for the post, Janet Yellen.
Elsewhere, the euro was steady against the pound, with EUR/GBP dipping 0.02% to 0.8385 and was slightly higher against the yen, with EUR/JPY easing up 0.12% to 132.25.
The ZEW Institute was to release its closely watched report on German economic sentiment later Tuesday, while the U.S. was to release data on consumer price inflation.