Euro climbed in European trade against dollar above 16-month lows hit yesterday on short-covering, ahead of the European Central Bank's meeting minutes, expected to showcase some details on the future of the euro zone's monetary policy.

EUR/USD rose 0.25% to 1.1223, with an intraday low at 1.1195, after closing  down 0.5% yesterday to 16-month lows at 1.1186 following strong US data.

The data bolstered the case for a US rate hike soon in 2022 alongside recent bullish remarks from Fed officials. 

Aside from dollar's strength, euro is conversely under pressure from fading prospects for a 2022 rate hike by the European Central Bank, causing monetary divergence between it and the Fed.

Investors await the European Central Bank's meeting minutes later today to gauge the future of monetary policy in Europe, which will impact euro's levels quite a lot today.

Most of the US stock indices rose on Wednesday, after the release of conflicting economic data, and the Federal Reserve meeting minutes.

Data showed today that the second reading of the US GDP grew 2.1% in the third quarter, on par with forecasts.

The US Department of Labor revealed that the number of initial unemployment claims fell to 199K last week from 270K, better than forecasts of 259K.

The US durable goods orders index fell 0.5% last month, missing forecasts of a rise by 0.2%, and the core reading rose 0.5%, on par with forecasts.

The personal consumption expenditures index rose 0.5% in October, as the market expected for the second straight month.

The Fed's meeting minutes showed that the central bank is ready to raise interest rates if inflation continues to rise in the US.

To the oil market, WTI December futures fell 0.1% or 11 cents, and closed at $78.39 a barrel.

Brent January futures fell 0.1% or 6 cents, and closed at $82.25 a barrel.

As for stocks, Dow Jones fell less than 0.1% or 9 points, and closed at 35,804, with a day high of 35,825, and a low of 35,591.

S&P 500 rose 0.2% or 10 points to 4,701, after hitting a high of 4,702 and a low of 4,659 points.

Nasdaq rose 0.4% or 70 points to 15,845, with a high of 15,848 and a low of 15,591.

Oil prices fell on Wednesday, after data showed a build in the US crude inventories.

The Energy Information Administration reported today that the US crude inventories rose 1 million barrels to 434 million barrels during the past week, while analysts forecast a drop by 1.7 million barrels.

While the American Petroleum Institute reported yesterday in preliminary data that the US crude inventories rose 2.3 million barrels during the same period.

The dollar index rose against a basket of major currencies by 0.4% to 96.8 points as of 17:10 GMT, after hitting a high of 96.9 points and a low of 96.4 points.

As of 18:35 GMT, WTI December futures fell 0.3% to $78.2 a barrel.

Brent January futures fell 0.3% to $82.02 a barrel.

The US dollar rose against most of its rivals on Wednesday, ahead of the Federal Reserve's meeting minutes.

Data showed today that the second reading of the US GDP grew 2.1% in the third quarter, on par with forecasts.

The US Department of Labor revealed that the number of initial unemployment claims fell to 199K last week from 270K, better than forecasts of 259K.

The US durable goods orders index fell 0.5% last month, missing forecasts of a rise by 0.2%, and the core reading rose 0.5%, on par with forecasts.

The personal consumption expenditures index rose 0.5% in October, as the market expected for the second straight month.

The Fed's meeting minutes will be released later today which reveals the discussions that took place during the last meeting and the decision to start reducing asset purchases.

The dollar index rose against a basket of major currencies by 0.4% to 96.8 points as of 18:53 GMT, after hitting a high of 96.9 points and a low of 96.4 points.