Forex - Euro rally against dollar stalls at 1.3818

Forex Pros – The euro's rally against the U.S. dollar on Wednesday stalled at 1.3818, a 5-week high it hit after the U.S. Federal Reserve renewed its pledge to keep interest rates near zero for an "extended period."

During midday European trade, EUR/USD retreated to 1.3785, still gaining 0.14%.

The pair was likely to find resistance at 1.4026, the high of Feb. 3, and support at 1.3434, the low of March 2 and a 9-month low.

The single European currency also pulled back from a 3-day high against the yen at 125.06, with EUR/JPY later consolidating around 124.77, still strengthening 0.39%.

After a key rates-setting meeting on Tuesday, the Fed also sounded more upbeat regarding the U.S. job market, but reiterated its view that the recovery of the world's largest economy would likely remain moderate for some time.

Later Wednesday, the U.S. Labor Department was set to release key inflation data with the publication of its monthly producer price index.