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Forex - EUR/USD steady ahead of ECB meeting

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Investing.com - The euro was little changed against the U.S. dollar on Wednesday, ahead of an upcoming European Central Bank policy meeting, amid expectations that the bank would leave rates unchanged.

EUR/USD hit 1.3093 during late Asian trade, the session high; the pair subsequently consolidated at 1.3084, inching up 0.03%.

The pair was likely to find support at 1.2996, the low of January 4 and resistance at 1.3138, Tuesday's high.

The ECB was widely expected to hold off cutting rates at its policy-setting meeting on Thursday, but some market participants expected the bank to flag the possibility of rate cuts later in the year.

The euro also gained ground against the yen after a retreat on Tuesday attracted buyers, as expectations for more aggressive monetary easing steps by the Bank of Japan continued to weigh on the yen.

EUR/JPY was up 0.48% to 114.41, while the euro was little changed against the pound, with EUR/GBP inching up 0.05% to 0.8151.

Later in the day Germany was to release official data on industrial production and the euro zone was to produce final data on third quarter growth, while the U.S. was to produce data on crude oil stockpiles.

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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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