Investing.com - The euro slipped lower against the U.S. dollar on Monday, as the dollar firmed up after Friday’s soft U.S. data on industrial production and consumer sentiment, supported by the view that the U.S. economic recovery is gaining traction.
EUR/USD hit 1.3160 during late Asian trade, the session low; the pair subsequently consolidated at 1.3163, dipping 0.08%.
The pair was likely to find support at 1.3048, Friday’s low and resistance at 1.3277, the high of March 9.
The dollar weakened broadly on Friday, after industrial production numbers came in flat in February, below expectations for a 0.4% gain, while the University of Michigan’s consumer confidence index also disappointed, coming in at 74.3, below expectations for a reading of 75.7.
Also Friday, official data showed that U.S. consumer price inflation rose 0.4% in February, in line with expectations, fueled largely by pricier gasoline, but the data gave little indication that underlying inflation is building.
The euro was also slightly lower against the pound and the yen, with EUR/GBP slipping 0.07% to hit 0.8310 and EUR/JPY shedding 0.22% to hit 109.69.
Later in the day, the euro zone was to release official data on the current account.
EUR/USD hit 1.3160 during late Asian trade, the session low; the pair subsequently consolidated at 1.3163, dipping 0.08%.
The pair was likely to find support at 1.3048, Friday’s low and resistance at 1.3277, the high of March 9.
The dollar weakened broadly on Friday, after industrial production numbers came in flat in February, below expectations for a 0.4% gain, while the University of Michigan’s consumer confidence index also disappointed, coming in at 74.3, below expectations for a reading of 75.7.
Also Friday, official data showed that U.S. consumer price inflation rose 0.4% in February, in line with expectations, fueled largely by pricier gasoline, but the data gave little indication that underlying inflation is building.
The euro was also slightly lower against the pound and the yen, with EUR/GBP slipping 0.07% to hit 0.8310 and EUR/JPY shedding 0.22% to hit 109.69.
Later in the day, the euro zone was to release official data on the current account.