Forex - EUR/USD hits 3-day high as debt concerns on hold
Investing.com
Published May 18, 2011 02:29AM ET
EUR/USD hit 1.4287 during late Asian trade, the pair’s highest since May 13; the pair subsequently consolidated at 1.4264, gaining 0.19%.
The pair was likely to find support at 1.4198, Tuesday’s low and resistance at 1.4422, the high of May 11.
The single currency found support after head euro zone finance minister Jean-Claude Juncker said Tuesday that Greece could see a “soft restructuring” of its debt if Athens agreed to undertake major reforms and speed up plans to privatize state holdings.
Meanwhile, official data on Tuesday showed that U.S. housing starts and building permits fell in April, while factory output slumped, underlining the view that the Federal Reserve is likely to lag the European Central Bank in raising interest rates.
The euro was also higher against the pound, with EUR/GBP easing up 0.10% to hit 0.8768.
Later in the day, the Federal Reserve was to publish the minutes of its last policy meeting.
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Written By: Investing.com
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