Investing.com – The euro hit a 5-day low against the U.S. dollar on Tuesday, amid concerns that economic growth in China, the world’s third largest economy, is slowing down.
EUR/USD hit 1.2230 during late Asian trade, it’s lowest since June 23; the pair subsequently consolidated at 1.2232, shedding 0.38%.
The pair was likely to find support at 1.2115, the low of June 14, and resistance at 1.2466, the high of June 21.
Earlier in the day, China revised down its outlook for economic growth, saying that the leading index for the country rose 0.3% in April, significantly less than the 1.7% reported on June 15. The revision was attributed to a “calculation error”.
The euro was also down against the pound, with EUR/GBP shedding 0.12% to hit 0.8118.
Later in the day, the Conference Board, a research group, was to publish a key survey of U.S. consumer confidence, a leading indicator of consumer spending. A report on the U.S. housing market, the S&P/CS Composite-20 HPI, was also due to be published.
EUR/USD hit 1.2230 during late Asian trade, it’s lowest since June 23; the pair subsequently consolidated at 1.2232, shedding 0.38%.
The pair was likely to find support at 1.2115, the low of June 14, and resistance at 1.2466, the high of June 21.
Earlier in the day, China revised down its outlook for economic growth, saying that the leading index for the country rose 0.3% in April, significantly less than the 1.7% reported on June 15. The revision was attributed to a “calculation error”.
The euro was also down against the pound, with EUR/GBP shedding 0.12% to hit 0.8118.
Later in the day, the Conference Board, a research group, was to publish a key survey of U.S. consumer confidence, a leading indicator of consumer spending. A report on the U.S. housing market, the S&P/CS Composite-20 HPI, was also due to be published.