Forex Pros – The euro hit a fresh 15-month high against the U.S. dollar on Wednesday, as risk aversion waned and investors sought currencies promising higher yields.

EUR/USD hit 1.4520 during European morning trade, the pair’s highest since January 14, 2010; the pair subsequently consolidated at 1.4507, rising 0.21%.

The pair was likely to find support at 1.4376, Tuesday’s low and short-term resistance at 1.4577, the high of January 13, 2010.

The euro has rallied against the dollar this year; boosted by speculation the U.S. Federal Reserve will lag the European Central Bank in tightening policy.

Last week, the ECB increased its benchmark interest rate to 1.25% from a record low 1%, where it had been since 2009, and left the door open for further increases this year.

Also Wednesday, official data showed that industrial production in the euro zone rose for the fifth consecutive month in February, climbing 0.4%, double the previous month’s downwardly-revised rate but disappointing economists’ predictions for a 0.8% gain.

The euro was also higher against the pound, with EUR/GBP gaining 0.14% to hit 0.8918.

Later in the day, the U.S. was to publish government data on retail sales and crude oil inventories, while the Federal Reserve was to publish its Beige Book.

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