Euro at 3-week highs against weaker dolla

The euro was trading close to three-week highs against the broadly weaker dollar on Thursday after the minutes of the Federal Reserve’s March meeting indicated that rates are likely to remain on hold for some time.

EUR/USD touched highs of 1.3875, the strongest since March 24 and was last up 0.08% to 1.3865.

The pair was likely to find support at 1.3830 and resistance at 1.3900.

The dollar remained under pressure after the minutes of the Federal Reserve’s March meeting indicated that an interest rate increase is unlikely to be warranted for some time.

The Fed’s March meeting minutes released on Wednesday showed that policymakers discussed whether to keep interest rates at record lows until inflation moves higher, and did not elaborate on a possible timeframe for when rates could start to rise.

The greenback shrugged off data on showing that the number of people who filed for unemployment assistance in the U.S. last week dropped to an almost seven year low.

The Labor Department reported that the number of individuals filing for initial jobless benefits in the week ending April 4 fell by 30,000 to a seasonally adjusted 300,000, the lowest since May 2007, from the previous week’s upwardly revised total of 332,000.

Analysts had expected jobless claims to decline to 320,000.

Continuing jobless claims declined to 2.77 million, the lowest since January 2008.

In the euro zone, Greece made a successful return to the financial markets on Thursday, raising €3 billion in its first bond auction since 2010, when Athens sought its first bailout.

Elsewhere, the euro remained slightly lower against the firmer yen, with EUR/JPY slipping 0.13% to 141.11.