Investing.com - The euro was steady against the dollar on Thursday after robust Germany factory data bolstered sentiment on the single currency ahead of the European Central Bank’s monthly policy meeting later in the day.
EUR/USD hit 1.3529 during late Asian trade, the session high; the pair subsequently consolidated at 1.3518, inching up 0.04%.
The pair was likely to find support at 1.3466, Wednesday’s low and resistance at 1.3570
Data on Wednesday showed that German factory orders jumped 3.3% in September from August and were 7.9% higher on an annual basis. Economists had forecast a monthly rise of 0.5% and an annual increase of 5.9%.
But investors remained wary amid concerns that the ECB might cut rates in order to safeguard the economic recovery in the region.
While no policy change was expected from the ECB at its rate setting meeting on Thursday many investors expected the bank to signal the possibility of further monetary policy easing at its meeting in December after weak euro zone inflation data last week.
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 0.01% to 133.33.
Elsewhere, the dollar was steady against the yen, with USD/JPY dipping 0.03% to 98.62.
EUR/USD hit 1.3529 during late Asian trade, the session high; the pair subsequently consolidated at 1.3518, inching up 0.04%.
The pair was likely to find support at 1.3466, Wednesday’s low and resistance at 1.3570
Data on Wednesday showed that German factory orders jumped 3.3% in September from August and were 7.9% higher on an annual basis. Economists had forecast a monthly rise of 0.5% and an annual increase of 5.9%.
But investors remained wary amid concerns that the ECB might cut rates in order to safeguard the economic recovery in the region.
While no policy change was expected from the ECB at its rate setting meeting on Thursday many investors expected the bank to signal the possibility of further monetary policy easing at its meeting in December after weak euro zone inflation data last week.
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 0.01% to 133.33.
Elsewhere, the dollar was steady against the yen, with USD/JPY dipping 0.03% to 98.62.