The euro erased its early losses and climbed against its key counterparts in European deals on Wednesday, after Slovenian central bank head and the European Central Bank member Bostjan Jazbec said that modification of its existing 1 trillion euros asset purchase programme is not on cards in the present scenario.
Speaking at a news conference, Jazbec told the monetary policy work with a lag, making it premature to talk any other scenario other than what has been agreed upon.
The euro firmed to a 5-day high of 0.7302 against the pound and a 2-day high of 1.0902 against the franc, reversing from its early lows of 0.7233 and 1.0841, respectively.
The single currency was trading higher at 1.1176 against the greenback and 134.32 against the yen, recovering from its early near 3-week low of 1.1105 and new 2-week low of 133.16, respectively.
The next possible resistance for the euro may be located around 1.125 against the greenback, 136.00 against the yen, 0.74 against the pound and 1.10 against the franc.
The material has been provided by InstaForex Company – www.instaforex.com