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Forex - EUR/USD edges higher before ECB

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Investing.com - The euro edged higher against the dollar on Thursday but gains were limited as investors remained cautious ahead of the European Central Bank's post policy meeting press conference later in the day.

EUR/USD hit 1.3543 during late Asian trade, the session high; the pair subsequently consolidated at 1.3527, inching up 0.06%.

The pair was likely to find support at 1.3457, Tuesday's low and resistance at 1.3596, Tuesday's high.

The ECB was expected to leave interest rates unchanged at 0.75% on Thursday, but markets were awaiting remarks by President Mario Draghi amid wariness that he could express concerns over the impact of the euro's recent gains on the region's economic recovery.

On Wednesday, a German government spokesman said the single currency was not overvalued and that exchange rate policy was not an appropriate way to increase competitiveness.

The comments came after French President Francois Hollande called for a targeted exchange rate on Tuesday.

The euro was little changed against the pound, with EUR/GBP inching up 0.04% to 0.8638 and was hovering close to 33-month highs against the yen, with EUR/JPY easing up 0.11% to 126.75.

The Bank of England was to announce its benchmark interest rate later in the day, while incoming BoE Governor Mark Carney was to appear before a U.K. parliamentary committee. The U.S. was to release government data on initial jobless claims.

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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.

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