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Forex - Euro edges higher against dollar

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Investing.com -

Investing.com - The euro edged higher against the dollar on Wednesday, but gains looked likely to be held in check following reports that the European Central Bank is looking at widening its bond purchasing program to include corporate debt.

EUR/USD edged up 0.12% to 1.2731, off overnight lows of 1.2705.

The euro weakened against the other major currencies on Tuesday after Reuters reported that the ECB is considering buying bonds issued by companies, or corporate debt, to help stimulate the ailing euro zone economy.

The report said the bank could activate the new stimulus plan as soon as December and start bond purchases by early next year.

The dollar received a boost after a report by the National Association of Realtors showed that U.S. existing home sales rose to 5.17 million in September, the highest level of the year.

Investors were looking ahead to U.S. inflation data for September due for release later in the day, amid heightened expectations that the Federal Reserve is growing closer to raising interest rates.

Elsewhere, the single currency was steady against the yen, with EUR/JPY at 136.06.

The dollar was little changed against the Japanese currency, with USD/JPY at 106.93.

The US dollar index, which tracks the performance of the greenback against a basket of six major currencies, was steady at 85.42.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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