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Forex - EUR/USD steady close to 3-week highs

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Investing.com - The euro was steady close to three-week highs against the dollar on Wednesday as investors looked ahead to the release of the minutes from the Federal Reserve's most recent meeting later in the day.

EUR/USD hit 1.3091 during late Asian trade, the session high; the par subsequently consolidated at 1.3078, dipping 0.03%.

The pair was likely to find support at 1.3004, Tuesday's low and near-tem resistance at 1.3102, Tuesday's high and a three-week high.

Investors were waiting to see if the U.S. central bank discussed the possibility of an earlier-than-expected end to its quantitative easing program at its March meeting, after examining the possibility at its previous two meetings.

Meanwhile, the yen firmed up against the euro and the dollar after falling to multi-year lows in recent sessions after the Bank of Japan embarked on a massive new monetary stimulus program.

Expectations that investors would move away from Japanese government bonds into higher yielding assets pushed bond yields lower across the euro zone.

The euro was steady close to its highest level since January 2010 against the yen, with EUR/JPY inching up 0.03% to 129.56.

Elsewhere Wednesday, official data showed that China posted an unexpected trade surplus in March as imports rose sharply to outstrip exports.

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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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