Investing.com – The euro was down against the U.S. dollar on Tuesday, but stopped short of the 10-week low it hit a day earlier as concerns about the spread of sovereign debt troubles in the euro zone lingered.
EUR/USD hit 1.3077 during late Asian trade, the daily low; the pair subsequently consolidated at 1.3096, shedding 0.22%.
The pair was likely to find support at 1.2975, the low of September 16 and resistance at 1.3301, Monday’s high.
The cost of insuring Spanish and Portuguese sovereign debt against default soared to euro-lifetime highs on Monday after an auction of Italian bonds produced lackluster demand, highlighting the lack of confidence in the deal to help contain Ireland's crisis.
At EUR85 billion, the size of the Irish bailout was in line with market expectations, but concerns have remained over the ability of the increasingly unpopular Irish coalition government to pass the 2011 budget plan next week.
Meanwhile, the euro was slightly higher against the pound, with EUR/GBP easing up 0.03% to hit 0.8426.
Later in the day, euro zone was to publish data on German unemployment change as well as preliminary data on consumer price inflation and the unemployment rate in the region. Also Tuesday, European Central Bank president, Jean-Claude Trichet was to address the European Parliament.
EUR/USD hit 1.3077 during late Asian trade, the daily low; the pair subsequently consolidated at 1.3096, shedding 0.22%.
The pair was likely to find support at 1.2975, the low of September 16 and resistance at 1.3301, Monday’s high.
The cost of insuring Spanish and Portuguese sovereign debt against default soared to euro-lifetime highs on Monday after an auction of Italian bonds produced lackluster demand, highlighting the lack of confidence in the deal to help contain Ireland's crisis.
At EUR85 billion, the size of the Irish bailout was in line with market expectations, but concerns have remained over the ability of the increasingly unpopular Irish coalition government to pass the 2011 budget plan next week.
Meanwhile, the euro was slightly higher against the pound, with EUR/GBP easing up 0.03% to hit 0.8426.
Later in the day, euro zone was to publish data on German unemployment change as well as preliminary data on consumer price inflation and the unemployment rate in the region. Also Tuesday, European Central Bank president, Jean-Claude Trichet was to address the European Parliament.