Investing.com – The euro was down against the U.S. dollar on Wednesday, falling to hit a 3-week low ahead of a Portuguese bond auction, which would be a critical test of investor confidence in the euro zone.
EUR/USD hit 1.3736 in late Asian trade, the pair’s lowest since October 20, the pair subsequently consolidated at 1.3768, shedding 0.03%.
The pair was likely to find support at 1.3697, the low of October 20 and resistance at 1.3973, Tuesday’s high.
Portugal's debt auction was to be the first since European leaders agreed at the end of last month to create a permanent mechanism for confronting a fiscal crisis in the euro zone.
The country was due to sell EUR0.75 billion to EUR1.25 billion of its 4.20% October 2016 and 4.80% June 2020 bonds.
Meanwhile, the euro was up against the pound, with EUR/GBP gaining 0.09% to hit 0.8623.
Later in the day, the U.S. was to release its weekly report on initial jobless claims. The data was being released one day earlier than usual as Thursday was to be a national holiday.
EUR/USD hit 1.3736 in late Asian trade, the pair’s lowest since October 20, the pair subsequently consolidated at 1.3768, shedding 0.03%.
The pair was likely to find support at 1.3697, the low of October 20 and resistance at 1.3973, Tuesday’s high.
Portugal's debt auction was to be the first since European leaders agreed at the end of last month to create a permanent mechanism for confronting a fiscal crisis in the euro zone.
The country was due to sell EUR0.75 billion to EUR1.25 billion of its 4.20% October 2016 and 4.80% June 2020 bonds.
Meanwhile, the euro was up against the pound, with EUR/GBP gaining 0.09% to hit 0.8623.
Later in the day, the U.S. was to release its weekly report on initial jobless claims. The data was being released one day earlier than usual as Thursday was to be a national holiday.