Investing.com - The euro was steady against the pound on Tuesday, following an industry report showing that U.K. retail sales were flat in March, as investors remained wary of pushing the single currency too high amid ongoing concerns over the debt crisis in the euro zone.
EUR/GBP hit 0.8370 during European early afternoon trade, the session high; the pair subsequently consolidated at 0.8364, inching up 0.01%.
The pair was likely to find support at 0.8335, Monday’s low and short-term resistance at 0.8370, the session high.
The Confederation of British Industry said retail sale volumes in the U.K. improved unexpectedly in March, as its index of annual sales growth rose to zero from minus 2 last month and against expectations for a reading of minus 4.
However, the report indicated that retailers expect conditions to worsen next month amid rising unemployment and higher energy prices.
In the euro zone, Eurogroup chairman Olli Rehn said earlier that euro zone finance ministers would reach an agreement on the size of the bailout fund for indebted countries at a meeting to be held in Copenhagen on Friday.
Meanwhile, concerns over Spanish borrowing costs lingered ahead of the country’s budget statement on Friday, amid concerns that the government will pull back on imposing harsh austerity measures in the face of a looming recession.
Sentiment on the euro was also dented after an index of consumer climate for Germany fell unexpectedly in March, ticking down to 5.9 from 6.0 the previous month.
Analysts had expected the index to rise to 6.2 in March.
The euro was steady against the U.S. dollar and the yen, with EUR/USD dipping 0.04% to hit 1.3351 and EUR/JPY inching up 0.02% to hit 110.67.
Later in the day, Fed Chair Ben Bernanke was to speak at a public engagement. In addition the U.S. was to release a closely watched report on consumer confidence, as well as industry data on house price inflation.
EUR/GBP hit 0.8370 during European early afternoon trade, the session high; the pair subsequently consolidated at 0.8364, inching up 0.01%.
The pair was likely to find support at 0.8335, Monday’s low and short-term resistance at 0.8370, the session high.
The Confederation of British Industry said retail sale volumes in the U.K. improved unexpectedly in March, as its index of annual sales growth rose to zero from minus 2 last month and against expectations for a reading of minus 4.
However, the report indicated that retailers expect conditions to worsen next month amid rising unemployment and higher energy prices.
In the euro zone, Eurogroup chairman Olli Rehn said earlier that euro zone finance ministers would reach an agreement on the size of the bailout fund for indebted countries at a meeting to be held in Copenhagen on Friday.
Meanwhile, concerns over Spanish borrowing costs lingered ahead of the country’s budget statement on Friday, amid concerns that the government will pull back on imposing harsh austerity measures in the face of a looming recession.
Sentiment on the euro was also dented after an index of consumer climate for Germany fell unexpectedly in March, ticking down to 5.9 from 6.0 the previous month.
Analysts had expected the index to rise to 6.2 in March.
The euro was steady against the U.S. dollar and the yen, with EUR/USD dipping 0.04% to hit 1.3351 and EUR/JPY inching up 0.02% to hit 110.67.
Later in the day, Fed Chair Ben Bernanke was to speak at a public engagement. In addition the U.S. was to release a closely watched report on consumer confidence, as well as industry data on house price inflation.