Forex - EUR/USD gains as Fed minutes suggest stimulus to stay

Investing.com - The dollar dropped against the euro on Wednesday after the Federal Reserve released the minutes of its June monetary policy meeting that showed monetary authorities favored keeping stimulus programs in place despite improving economic indicators.

In U.S. trading on Wednesday, EUR/USD was up 1.11% at 1.2923, up from a session low of 1.2766 and off from a high of 1.2949.

The pair was likely to find support at 1.2755, Tuesday's low, and resistance at 1.3078, the high from July 2.

Fed minutes released earlier revealed the some monetary authorities favored keeping stimulus programs in place despite improving economic indicators out of the U.S. housing, labor and manufacturing sectors of the economy.

Stimulus programs such as the Fed's monthly USD85 billion bond-buying program weaken the dollar to spur recovery.

"Many members indicated that further improvement in the outlook for the labor market would be required before it would be appropriate to slow the pace of asset purchases," the minutes read.

"Some added that they would, as well, need to see more evidence that the projected acceleration in economic activity would occur, before reducing the pace of asset purchases."

The euro, meanwhile, was up against the pound and down against the yen, with EUR/GBP trading up 0.36% at 0.8628 and EUR/JPY trading down 0.14% at 129.13.

On Thursday, the European Central Bank is to publish its monthly bulletin, which outlines the bank's economic outlook.

The U.S. is to release the weekly government report on initial jobless claims, a leading economic indicator, as well as official data on import prices.

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