Investing.com - The euro held steady against the U.S. dollar on Wednesday, still hovering close to 11-month lows although earlier comments by German Finance Minister Wolfgang Schauble lent some support.
EUR/USD hit 1.3189 during U.S. morning trade, the session high; the pair subsequently consolidated at 1.3171, inching up 0.02%.
The pair was likely to find support at 1.3105 and resistance at 1.3215, Tuesday's high.
The single currency found some support after German Finance Minister Wolfgang Schauble said comments by European Central Bank President Mario Draghi Draghi’s comments on possibly easing austerity policies have been "over-interpreted."
Schauble's remarks came after Mr. Draghi said at Jackson Hole last week that the central bank is ready to take more unconventional action if needed to stimulate a sluggish euro zone economy.
Earlier Wednesday, data showed that the Gfk German consumer climate index fell to 8.6 this month, from a reading of 9.0 in July. Analysts had expected the index to remain unchanged in August.
Meanwhile, the dollar remained supported after the Conference Board on Tuesday said its index of consumer confidence rose to 92.4 this month, the highest since October 2007, from a reading of 90.3 in July.
The data fuelled further optimism over the strength of the U.S. economic recovery.
The euro was lower against the pound, with EUR/GBP shedding 0.26% to 0.7940.