Investing.com - The euro rose to session highs against the dollar on Wednesday after data showing that German industrial output rose to a one-year high in March eased concerns over the economic outlook for the euro zone.
EUR/USD hit 1.3148 during European late morning trade, the pair’s highest since May 3; the pair subsequently consolidated at 1.3139, gaining 0.47%.
The pair was likely to find support at 1.3070, the session low and resistance at 1.3185, the high of April 30.
German industrial output jumped 1.2% in March, the largest increase in 12 months and confounding expectations for a 0.1% decline. February’s figure was revised up 0.6% from 0.5%.
Industrial production was 2.5% lower compared to a year earlier in March, better than expectations for a 3.8% decline.
The data came one day after a report showed that German factory orders also beat expectations in March, rising 2.2%, the fastest rate of growth since October 2012.
Sentiment on the euro remained fragile amid speculation over another rate cut by the European Central Bank after President Mario Draghi said Monday the bank was ready to act if needed.
The euro hit session highs against the pound and the yen, with EUR/GBP rising 0.37% to 0.8476 and EUR/JPY climbing 0.42% to 129.98.
EUR/USD hit 1.3148 during European late morning trade, the pair’s highest since May 3; the pair subsequently consolidated at 1.3139, gaining 0.47%.
The pair was likely to find support at 1.3070, the session low and resistance at 1.3185, the high of April 30.
German industrial output jumped 1.2% in March, the largest increase in 12 months and confounding expectations for a 0.1% decline. February’s figure was revised up 0.6% from 0.5%.
Industrial production was 2.5% lower compared to a year earlier in March, better than expectations for a 3.8% decline.
The data came one day after a report showed that German factory orders also beat expectations in March, rising 2.2%, the fastest rate of growth since October 2012.
Sentiment on the euro remained fragile amid speculation over another rate cut by the European Central Bank after President Mario Draghi said Monday the bank was ready to act if needed.
The euro hit session highs against the pound and the yen, with EUR/GBP rising 0.37% to 0.8476 and EUR/JPY climbing 0.42% to 129.98.