Investing.com - The euro slid to a fresh session low against the U.S. dollar on Tuesday, amid lingering concerns over the debt crisis in the euro zone, while the greenback remained supported ahead of the Federal Reserve’s policy meeting later in the day.
EUR/USD hit 1.3090 during European early afternoon trade, the session low; the pair subsequently consolidated at 1.3092, down 0.48%.
The pair was likely to find support at 1.3043, the low of February 15 and resistance at 1.3190, the session high.
The single currency came under pressure as Spain faced calls from European leaders to make deeper budget cuts, amid concerns that the region’s debt crisis could flare up after the country’s prime minister raised the deficit target earlier this month.
The euro found some support after the ZEW Centre for Economic Research said that its index of German economic sentiment advanced to the highest level since June 2010 this month, climbing to 22.3 compared to last month’s reading of 5.4.
Analysts had expected a reading of 10.5 in March.
The data came after a meeting of euro zone finance ministers in Brussels gave their approval to "adjusted measures for Greece", formally rubber stamping a EUR130 billion bailout package.
The greenback remained supported ahead of the Federal Reserve’s monetary policy statement later in the day, after upbeat non-farm payrolls data on Friday dampened expectations that the central bank will implement a third round of monetary easing.
The euro was lower against the pound and fractionally higher against the yen, with EUR/GBP shedding 0.54% to hit 0.8364 and EUR/JPY up just 0.06% at 108.24, off an earlier high of 108.73.
Later in the day, the U.S. was to release government data on retail sales and business inventories, while the Federal Reserve was to announce its benchmark interest rate.
Euro zone finance ministers were set to continue talks in Brussels throughout the day.
EUR/USD hit 1.3090 during European early afternoon trade, the session low; the pair subsequently consolidated at 1.3092, down 0.48%.
The pair was likely to find support at 1.3043, the low of February 15 and resistance at 1.3190, the session high.
The single currency came under pressure as Spain faced calls from European leaders to make deeper budget cuts, amid concerns that the region’s debt crisis could flare up after the country’s prime minister raised the deficit target earlier this month.
The euro found some support after the ZEW Centre for Economic Research said that its index of German economic sentiment advanced to the highest level since June 2010 this month, climbing to 22.3 compared to last month’s reading of 5.4.
Analysts had expected a reading of 10.5 in March.
The data came after a meeting of euro zone finance ministers in Brussels gave their approval to "adjusted measures for Greece", formally rubber stamping a EUR130 billion bailout package.
The greenback remained supported ahead of the Federal Reserve’s monetary policy statement later in the day, after upbeat non-farm payrolls data on Friday dampened expectations that the central bank will implement a third round of monetary easing.
The euro was lower against the pound and fractionally higher against the yen, with EUR/GBP shedding 0.54% to hit 0.8364 and EUR/JPY up just 0.06% at 108.24, off an earlier high of 108.73.
Later in the day, the U.S. was to release government data on retail sales and business inventories, while the Federal Reserve was to announce its benchmark interest rate.
Euro zone finance ministers were set to continue talks in Brussels throughout the day.