Euro Steadies Around $1.1540 Amid Hopes and Lower Oil Prices

The Euro has steadied around $1.1540 against the US Dollar on Wednesday, holding onto marginal gains and consolidating near seven-week highs at $1.1558.

Several factors are contributing to the Euro's stability, including hopes of a diplomatic breakthrough in the Middle East and lower Oil prices that are easing the burden for Crude-importing Eurozone Economies.

The upward revision of the Eurozone's Services PMI has also played a role, with the final reading coming in at 51.7, up from an initial estimate of 51.6. This confirms that the sector returned to expansion levels after three consecutive months of contraction.

Meanwhile, US data released on Wednesday was less supportive, with Job Openings declining more than forecasted and Factory Orders contracting against expectations. As a result, bets for a Federal Reserve rate hike in September have eased to 58% from 57%, keeping US Dollar bulls subdued.