Investing.com - The euro fell to session lows against the dollar on Wednesday after the release of stronger-than-forecast data on U.S. durable goods orders, while prospects for further monetary easing by the European Central Bank also weighed.
EUR/USD hit session lows of 1.3782 and was last down 0.24% to 1.3793.
The pair was likely to find support at 1.3748, Tuesday’s low and resistance at 1.3846, Tuesday’s high.
The dollar rose after the Commerce Department reported that U.S. durable goods orders rose 2.2% last month, snapping two months of declines and surpassing expectations for a 1% increase.
Core durable goods orders, which exclude transportation items, inched up 0.2%, slightly below forecasts for a 0.3% gain.
The data indicated that economy is gaining momentum in the wake of a weather induced slowdown.
The single currency remained under pressure ECB officials indicated Tuesday that the bank is considering policy options to stave off the risk of deflation in the region.
The single currency fell against the dollar after ECB governing council member Jens Weidmann said a negative deposit rate could be an appropriate way to address the impact of strong gains in the euro.
He also said it was not out of the question for the ECB to buy loans or other assets from banks to fight deflation.
The euro later bounced off lows after Weidmann said the current euro exchange rate does not call for policy action.
Elsewhere, the single currency slipped against the yen and the pound, with EUR/JPY down 0.11% to 141.22 andEUR/GBP falling 0.36% to 0.8333.