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Forex - EUR/USD eases off 7-week high, Fed minutes ahead

Published 08/22/2012, 08:00 AM
Updated 08/22/2012, 08:00 AM
Investing.com - The euro eased off a seven-week high against the U.S. dollar on Wednesday, but losses were limited by expectations that the European Central Bank is preparing policy measures to ease the debt crisis in the euro zone.

EUR/USD hit 1.2444 during European afternoon trade, the session low; the pair subsequently consolidated at 1.2452, slipping 0.16%.

The pair was likely to find support at 1.2341, Wednesday’s low and near-term resistance at 1.2486, Tuesday’s high and a seven-week high.

The euro remained supported amid growing expectations that the ECB will implement policy measures to help stabilize the euro zone's sovereign debt markets at its next policy meeting in September.

Investors were also looking ahead to a meeting between Jean-Claude Juncker, the head of the euro zone’s finance ministers, and Greek Prime Minister Antonis Samaras later in the day to discuss a two-year extension of the country’s economic reform program.

Meanwhile, German Chancellor Angela Merkel was to meet with French President Francois Hollande on Thursday, while Antonis Samaras was to meet with the French and German leaders later in the week.

The euro also slipped lower against the pound and the yen, with EUR/GBP down 0.21% to 0.7883 and EUR/JPY losing 0.20% to hit 98.67.

Market participants were anticipating the minutes of the Federal Reserve’s August policy meeting later Wednesday, amid speculation over how close the U.S. central bank may be to implementing another round of stimulus measures.

In addition, the U.S. was to release industry data on existing home sales.


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