Investing.com - The euro was steady against the other main currencies on Thursday despite mixed German data, with investors cautious ahead of the European Central Bank’s monetary policy announcement later in the day.
EUR/USD hit 1.3529 during European late morning trade, the session high; the pair subsequently consolidated at 1.3514, inching up 0.01%.
The pair was likely to find support at 1.3466, Wednesday’s low and resistance at 1.3570.
Data released on Thursday showed that German industrial production fell 0.9% in September from August, but was 1% higher from a year earlier. Economists had forecast a monthly decline 0.2% and an annual increase of 0.8%.
Market participants remained wary amid concerns that the ECB might cut rates in order to safeguard the economic recovery in the region after data last week showed that annual euro zone inflation fell to a four year low in October.
While no policy change was expected from the ECB on Thursday many investors expected the bank to signal the possibility of further monetary policy easing at its next monthly meeting in December.
Investors were also awaiting preliminary data on U.S. third quarter growth, due out later Thursday, amid ongoing speculation over how soon the Federal Reserve will start to taper its stimulus program.
The euro was little changed against the yen, with EUR/JPY inching up 0.04% to 133.36.
Elsewhere, the shared currency edged lower against the pound, with EUR/GBP dipping 0.03% to 0.8402.
The Bank of England was widely expected to leave monetary policy on hold after its meeting later Thursday.
EUR/USD hit 1.3529 during European late morning trade, the session high; the pair subsequently consolidated at 1.3514, inching up 0.01%.
The pair was likely to find support at 1.3466, Wednesday’s low and resistance at 1.3570.
Data released on Thursday showed that German industrial production fell 0.9% in September from August, but was 1% higher from a year earlier. Economists had forecast a monthly decline 0.2% and an annual increase of 0.8%.
Market participants remained wary amid concerns that the ECB might cut rates in order to safeguard the economic recovery in the region after data last week showed that annual euro zone inflation fell to a four year low in October.
While no policy change was expected from the ECB on Thursday many investors expected the bank to signal the possibility of further monetary policy easing at its next monthly meeting in December.
Investors were also awaiting preliminary data on U.S. third quarter growth, due out later Thursday, amid ongoing speculation over how soon the Federal Reserve will start to taper its stimulus program.
The euro was little changed against the yen, with EUR/JPY inching up 0.04% to 133.36.
Elsewhere, the shared currency edged lower against the pound, with EUR/GBP dipping 0.03% to 0.8402.
The Bank of England was widely expected to leave monetary policy on hold after its meeting later Thursday.