Euro traded steadily at near three-and-a-half month high versus the US dollar on Wednesday. EUR/USD pair reached 1.3292 during later Asian trade, after which consolidation followed at 1.3305. Support was expected at Tuesdays low, 1.3231, while resistance was to be met at February 19th high, 1.3395.
The euro received support after Germanys Finance Minister Wolfgang Schauble expressed his approval of European Central Banks asset purchasing measures at a hearing in Germany’s constitutional court on Tuesday. The major concern was the legality of ECBs actions.
Meanwhile, Japanese yen lost positions against the US dollar on Wednesday after its Tuesday rally, as Bank of Japan disappointed market expectations by not introducing measures to ease government bond market volatility.
Additionally, speculation over FED decision to taper or not bond purchases later this year continued to weigh on markets sentiment.
Euro was higher against the yen, with EUR/JPY up by 0.61% to 128.62.
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