Investing.com - The euro was trading at seven-week highs against the dollar on Wednesday, as the latest in a series of soft U.S. economic data releases added to concerns that the U.S. recovery has lost momentum since the end of last year.
EUR/USD hit 1.3772, the highest since January 2 and was last up 0.01% to 1.3761.
The pair was likely to find support at 1.3693, Tuesday’s low and resistance at 1.3811, the high of December 31.
The dollar weakened after data on Tuesday showed that the Empire State manufacturing index fell more-than-expected in February as new orders dropped.
A separate report showed foreign investors sold almost $120 billion of U.S. assets in December.
Investors were looking ahead to the minutes of the Federal Reserve’s January meeting later in the trading day, when the bank voted to cut its stimulus program by another $10 billion to $65 billion per month.
Earlier this month Fed Chair Janet Yellen indicated that the central bank is on track to maintain the pace of reductions to its stimulus program, as long as the economy continues to improve as expected.
The euro slipped lower against the yen, with EUR/JPY sliding 0.15% to 140.60, down from Tuesday’s three-week highs of 141.02.
The dollar was also lower against the yen, with USD/JPY down 0.15% to 102.20.
The pair rose to two-week highs of 102.73 on Monday after the Bank of Japan extended a bank lending scheme in an attempt to boost the effectiveness of its monetary stimulus program.