Forex - EUR/USD slips but supported on ECB rate hike outlook
Investing.com
Published Mar 30, 2011 03:34AM ET
EUR/USD hit 1.4060 during late Asian trade, the daily low; the pair subsequently consolidated at 1.4073, shedding 0.29%.
The pair was likely to find short-term support at 1.4019, Monday’s low and a six-day low and resistance at 1.4193, last Friday’s high.
On Tuesday, St. Louis Fed President James Bullard said the central bank could trim its USD600 billion bond-buying program by USD100 billion and warned that waiting too long to tighten policy could produce "a lot of inflation" in the U.S. and around the world.
However the single currency found support after ECB Governing Council member Jozef Makuch, said the bank was "highly" likely to raise its main interest rate from the current record low level of 1.0% next month.
The euro was also lower against the pound, with EUR/GBP shedding 0.48% to hit 0.8773.
Later in the day, the U.S. was to publish a report on private sector employment by payroll processing firm ADP.
Get The News You Want
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.