Investing.com - The euro was lower against the dollar on Monday after official data showed that Chinese first quarter growth came in below expectations, adding to concerns over the outlook for global growth.
EUR/USD hit 1.3066 during late Asian trade, the session low; the pair subsequently consolidated at 1.3076, shedding 0.26%.
The pair was likely to find support at 1.3004, the low of April 9 and resistance at 1.3137, Thursday’s high and a six-week high.
The Chinese economy expanded by 7.7% year-on-year in the three months to March, down from 7.9% in the fourth quarter and undershooting expectations for 8.0% growth.
Separate reports showed that Chinese industrial production also came in below expectations, while retail sales rose slightly more than forecast.
The data reinforced concerns over the outlook for global growth after data on Friday showed that U.S. retail sales fell 0.4% in March, the largest decline in nine months.
The euro was sharply lower against the yen, with EUR/JPY dropping 0.70% to 128.05.
The U.S. was to release data on manufacturing activity in New York state later in the day, while the euro zone was to publish official data on the trade balance.
EUR/USD hit 1.3066 during late Asian trade, the session low; the pair subsequently consolidated at 1.3076, shedding 0.26%.
The pair was likely to find support at 1.3004, the low of April 9 and resistance at 1.3137, Thursday’s high and a six-week high.
The Chinese economy expanded by 7.7% year-on-year in the three months to March, down from 7.9% in the fourth quarter and undershooting expectations for 8.0% growth.
Separate reports showed that Chinese industrial production also came in below expectations, while retail sales rose slightly more than forecast.
The data reinforced concerns over the outlook for global growth after data on Friday showed that U.S. retail sales fell 0.4% in March, the largest decline in nine months.
The euro was sharply lower against the yen, with EUR/JPY dropping 0.70% to 128.05.
The U.S. was to release data on manufacturing activity in New York state later in the day, while the euro zone was to publish official data on the trade balance.