Investing.com – The euro was slightly higher against the U.S. dollar on Wednesday, easing off a 2-month low after a massive sell-off saw the single currency tumble 1.9% amid fears over the euro zone sovereign debt crisis and tensions in Korea.
EUR/USD hit 1.3419 during late Asian trade, the daily high; the pair subsequently consolidated at 1.3403, gaining 0.26%.
The pair was likely to find support at 1.3285, the low of September 24 and resistance at 1.3565, the high of November 17.
The euro shrugged off the news that rating’s agency Standard and Poor's had downgraded its sovereign rating on Ireland.
Late Tuesday, S&P cut Ireland's long-term rating by one notch to 'AA-', the fourth highest investment grade, and assigned the country a negative outlook saying it expects Ireland will need to spend EUR90 billion to support its banking system, up from its prior estimate of EUR80 billion.
Also Tuesday, officials from the European Union urged Ireland to adopt an austerity budget in time to access a rescue package from the EU and the International Monetary Fund as a deepening political crisis in the country threatened to derail the financial bailout.
Meanwhile, the euro was down against the pound, with EUR/GBP shedding 0.09% to hit 0.8465.
Later in the day, the U.S. was to release a slew of data ahead of the Thanksgiving holiday, with a weekly report on initial jobless claims as well as data on personal spending, durable goods orders and new home sales. The country was also to publish revised data on consumer sentiment and inflation expectations, while the euro zone was to publish data on Gfk German business climate.
EUR/USD hit 1.3419 during late Asian trade, the daily high; the pair subsequently consolidated at 1.3403, gaining 0.26%.
The pair was likely to find support at 1.3285, the low of September 24 and resistance at 1.3565, the high of November 17.
The euro shrugged off the news that rating’s agency Standard and Poor's had downgraded its sovereign rating on Ireland.
Late Tuesday, S&P cut Ireland's long-term rating by one notch to 'AA-', the fourth highest investment grade, and assigned the country a negative outlook saying it expects Ireland will need to spend EUR90 billion to support its banking system, up from its prior estimate of EUR80 billion.
Also Tuesday, officials from the European Union urged Ireland to adopt an austerity budget in time to access a rescue package from the EU and the International Monetary Fund as a deepening political crisis in the country threatened to derail the financial bailout.
Meanwhile, the euro was down against the pound, with EUR/GBP shedding 0.09% to hit 0.8465.
Later in the day, the U.S. was to release a slew of data ahead of the Thanksgiving holiday, with a weekly report on initial jobless claims as well as data on personal spending, durable goods orders and new home sales. The country was also to publish revised data on consumer sentiment and inflation expectations, while the euro zone was to publish data on Gfk German business climate.