Forexpros — The euro was almost unchanged against the U.S. dollar on Wednesday, as fresh concerns over the sovereign debt crisis in the euro zone weighed, while the dollar was hit by expectations for further stimulus after the minutes of the Federal Reserve’s August meeting.
EUR/USD hit 1.4448 during late Asian trade, the daily high; the pair subsequently consolidated at 1.4444, easing up 0.03%.
The pair was likely to find support at 1.4330, the low of August 26 and resistance at 1.4532, Tuesday’s high.
The euro remained under pressure after weak demand at an auction of Italian government debt on Tuesday renewed concerns over the threat of sovereign debt contagion in the single currency bloc.
In the U.S., the minutes from the Fed’s last policy meeting showed that some policymakers pressed for additional measures to bolster growth, beyond the pledge to hold interest rates at ultra-low levels for the next two years.
This added to speculation that the Fed may act after its extended two-day meeting in September.
The euro was slightly lower against the pound, with EUR/GBP slipping 0.07% to hit 0.8853.
Later in the day, the euro zone was to produce preliminary data on consumer price inflation and the unemployment rate.
Also Wednesday, payroll processing firm ADP was to release a report on U.S. non-farm payrolls. The U.S. was also to publish data on manufacturing activity in the Chicago area and factory orders.
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