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Forex - EUR/USD pushes higher as Italy bond auction eyed

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Investing.com - The euro edged higher against the dollar on Wednesday, but gains were limited as investors looked ahead to an auction of Italian government bonds later in the session.

EUR/USD hit 1.3046 during late Asian trade, the session high; the pair subsequently consolidated at 1.3041, inching up 0.06%.

The pair was likely to find support at 1.2978, the low of March 11 and resistance at 1.3100, the high of March 1.

Markets were awaiting the outcome of an auction of three-year and 15-year Italian government bonds later Wednesday, in an important test of investor appetite for the country's debt, as concerns over ongoing political uncertainty lingered following last month's inconclusive elections.

Spain was to hold an auction of long-dated government bonds on Thursday after Madrid saw borrowing costs fall to their lowest level since April 2010 following an auction of six and 12-month bonds on Tuesday.

The dollar continued to be supported by hopes that the U.S. economic recovery is gaining momentum ahead of official data on U.S. retail sales later in the trading day.

Elsewhere, the euro slipped against the pound, with EUR/GBP dipping 0.09% to 0.8738 and was lower against the yen, with EUR/JPY down 0.40% to 124.70.

The euro zone was to release official data on industrial production later Wednesday.

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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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