Investing.com – The euro was trading close to a 17-month high against the broadly weaker U.S. dollar on Thursday, ahead of a policy setting meeting by the European Central Bank later in the day.
EUR/USD hit 1.4874 during late Asian trade, the daily high; the pair subsequently consolidated at 1.4857, gaining 0.20%.
The pair was likely to find support at 1.4753, Tuesday’s low and short-term resistance at 1.4939, Wednesday’s high and a 17-month high.
The ECB was expected to prepare markets for a possible rate hike, with investors waiting to see if ECB President Jean-Claude Trichet would use the phrase "strong vigilance" to signal a follow-up rate rise in June after last months rate increase.
Data on Wednesday showing weaker-than-expected U.S. private sector employment growth and a slowdown in the service sector further underlined expectations that the Federal Reserve will not raise rates in the coming months.
The euro was also higher against the pound, with EUR/GBP easing up 0.04% to hit 0.8995.
Later in the day, the ECB was to announce its minimum bid rate. The announcement was to be followed by a closely watched press conference. Meanwhile, the U.S. was to publish official data on initial jobless claims. Also Thursday, Fed chair Ben Bernanke was to speak.
EUR/USD hit 1.4874 during late Asian trade, the daily high; the pair subsequently consolidated at 1.4857, gaining 0.20%.
The pair was likely to find support at 1.4753, Tuesday’s low and short-term resistance at 1.4939, Wednesday’s high and a 17-month high.
The ECB was expected to prepare markets for a possible rate hike, with investors waiting to see if ECB President Jean-Claude Trichet would use the phrase "strong vigilance" to signal a follow-up rate rise in June after last months rate increase.
Data on Wednesday showing weaker-than-expected U.S. private sector employment growth and a slowdown in the service sector further underlined expectations that the Federal Reserve will not raise rates in the coming months.
The euro was also higher against the pound, with EUR/GBP easing up 0.04% to hit 0.8995.
Later in the day, the ECB was to announce its minimum bid rate. The announcement was to be followed by a closely watched press conference. Meanwhile, the U.S. was to publish official data on initial jobless claims. Also Thursday, Fed chair Ben Bernanke was to speak.