Investing.com - " The euro was lower against the firmer dollar
on Thursday after the Federal Reserve was less dovish than expected
on the economic outlook, fuelling speculation that it could start
scaling back stimulus sooner than expected.
EUR/USD hit 1.3689 during European morning trade, the lowest since
October 22; the pair subsequently consolidated at 1.3711, shedding
The pair is likely to find support at 1.3661, the low of October 22
and resistance at 1.3812, the high of October 29.
The dollar recovered after the Fed left its USD85 billion-a-month
asset purchase program in place following its monthly meeting on
Wednesday. The bank gave no clear indication whether it would start
scaling back stimulus at the December meeting or continue it into
the start of 2014.
"The housing sector has slowed somewhat in recent months," the Fed
statement said. However, Fed officials stuck to the view that the
economy is expanding "at a moderate pace" and said downside risks
Investors will now be looking ahead to the U.S. nonfarm payrolls
report for October, due for release next Friday, to help assess the
timing for a possible reduction in Fed stimulus.
The euro was lower against the yen, with EUR/JPY down 0.45% to
The Bank of Japan made no changes to its stimulus program on
Thursday and reiterated that inflation will be close to reaching
the bank's 2% target by April 2015.
Elsewhere, the single currency was also weaker against the pound,
with EUR/GBP sliding 0.18% to 0.8548.
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