Forex Pros – The euro softened against the U.S. dollar on Wednesday, as signs of dissent over the euro zone rescue plan and fresh unrest in Egypt saw some investors sell the currency to lock in profits on its recent rise. EUR/USD retreated from 1.3862, the pair’s highest since November 9, to hit 1.3807 during European late afternoon trade, shedding 0.15%. The pair was likely to find support at 1.3689, Tuesday’s low and resistance at 1.3973, the high of November 9. German Deputy Finance Minister Joerg Asmussen rejected the idea of creating a euro-zone bond and reaffirmed that revisions to the existing euro-zone fiscal rescue facility were likely to require concessions from governments, such as deficit reduction. As far as Germany was concerned, the euro-zone bond proposal was a "clear no," he added. He said no final decision had been reached on changing the scope of the EFSF, although "we will do whatever is necessary to protect the euro." Earlier in the day, official data showed that producer price inflation in the euro zone rose broadly in line with expectations in December, climbing 0.8%, after rising by 0.3% in November. Eurostat said energy prices were the biggest driver of producer prices, signaling that inflationary pressures were building in the region. The euro was also lower against the pound, with EUR/GBP shedding 0.48% 0.8523. Elsewhere Wednesday, a report showed that U.S. private employers added 187,000 jobs in January, compared with a downwardly revised gain of 247,000 jobs in December. Analysts had expected employers to add 150,000 jobs in January.

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