Investing.com - The euro was lower against the dollar on Wednesday as investors awaited the ADP report on U.S. nonfarm payrolls later in the day.
EUR/USD hit 1.3054 during European afternoon trade, the session low; the pair subsequently consolidated at 1.3067, slipping 0.10%.
The pair was likely to find support at 1.3041, Tuesday’s low and near-term resistance at 1.3176, the high of May 9.
Investors were looking ahead to the U.S. private sector jobs report by payroll processor ADP later Wednesday for clues on Friday’s key nonfarm payrolls data.
The Institute of Supply Management was to release data on U.S. service sector activity later Wednesday.
The euro came off session highs against the dollar earlier after data showed that the final euro zone service purchasing managers’ index fell to 47.2 in May, down from a preliminary reading of 47.5 but slightly higher than April’s reading of 47.0.
Germany's services PMI ticked down to 49.7 from a preliminary reading of 49.8, but was slightly higher than April’s final reading of 49.6.
A separate report showed that euro zone retail sales fell 0.5% in April, more than expectations for a 0.1% decline and were 1.1% lower from a year earlier.
The euro was also lower against the yen and the pound, with EUR/JPY dropping 0.71% to 129.94 and EUR/GBP down 0.39% to 0.8507.
Sterling was boosted after data showed that service sector activity in the U.K. expanded at the fastest rate since March 2012 last month.
The Markit U.K. services purchasing managers’ index rose to 54.9 in May from 52.9 in April, outstripping expectations for a reading of 53.0 as new business increased at the fastest pace for over three years.
EUR/USD hit 1.3054 during European afternoon trade, the session low; the pair subsequently consolidated at 1.3067, slipping 0.10%.
The pair was likely to find support at 1.3041, Tuesday’s low and near-term resistance at 1.3176, the high of May 9.
Investors were looking ahead to the U.S. private sector jobs report by payroll processor ADP later Wednesday for clues on Friday’s key nonfarm payrolls data.
The Institute of Supply Management was to release data on U.S. service sector activity later Wednesday.
The euro came off session highs against the dollar earlier after data showed that the final euro zone service purchasing managers’ index fell to 47.2 in May, down from a preliminary reading of 47.5 but slightly higher than April’s reading of 47.0.
Germany's services PMI ticked down to 49.7 from a preliminary reading of 49.8, but was slightly higher than April’s final reading of 49.6.
A separate report showed that euro zone retail sales fell 0.5% in April, more than expectations for a 0.1% decline and were 1.1% lower from a year earlier.
The euro was also lower against the yen and the pound, with EUR/JPY dropping 0.71% to 129.94 and EUR/GBP down 0.39% to 0.8507.
Sterling was boosted after data showed that service sector activity in the U.K. expanded at the fastest rate since March 2012 last month.
The Markit U.K. services purchasing managers’ index rose to 54.9 in May from 52.9 in April, outstripping expectations for a reading of 53.0 as new business increased at the fastest pace for over three years.