CM: Euro under pressure against broadly stronger dollar
Forex Pros - The euro remained under pressure against the U.S. dollar on Wednesday, amid growing expectations that the Federal Reserve will move towards policy normalization when its second round of bond-buying ends in June.
EUR/USD hit 1.4059 during European early afternoon trade, the daily low; the pair subsequently consolidated at 1.4089, slipping 0.17%.
The pair was likely to find short-term support at 1.4019, Monday's low and a six-day low and resistance at 1.4193, last Friday's high.
The greenback was boosted after Federal Reserve Bank of Dallas President Richard Fisher said Tuesday that he did not support further liquidity provision from the U.S. central bank and didn't expect the Fed to launch a third program of asset purchases.
However, the single currency remained well supported after European Central Bank Governing Council member Jozef Makuch, said Tuesday that the bank was "highly" likely to raise its main interest rate from the current record low level of 1.0% next month.
The euro was also lower against the pound, with EUR/GBP shedding 0.48% to hit 0.8772.
Later in the day, the U.S. was to publish a report on private sector employment by payroll processing firm ADP, while St. Louis Fed President James Bullard and Fed Bank of Kansas City President Thomas Hoenig were to speak.
