Investing.com – The euro fell to a seven-day low against the broadly stronger U.S. dollar on Tuesday, amid fresh concerns over a plan to contain the debt crisis in the single currency bloc.
EUR/USD hit 1.3747 during late Asian trade, the pair’s lowest since October 21; the pair subsequently consolidated at 1.3765, shedding 0.66%.
The pair was likely to find support at 1.3655, the low of October 20 and resistance at 1.3870, the days high.
The euro was hit by uncertainty over how the package of anti-crisis measures agreed on at last Thursday’s European Union summit could be implemented.
Meanwhile, reports that Greek Prime Minister George Papandreou has called a referendum on the new aid package as well as surging Italian borrowing costs added to pressure on the single currency.
The dollar strengthened against all of its major counterparts on Monday, after Japan intervened in the foreign exchange market for the third time this year to rein in the appreciation of the yen.
Risk appetite was also weighed after disappointing Chinese manufacturing data fuelled concerns over a slowdown in the world’s second-largest economy.
The euro was also lower against the pound, with EUR/GBP slipping 0.132% to hit 0.8601.
Later in the day, the Institute of Supply Management was to produce a report on U.S. manufacturing activity.
EUR/USD hit 1.3747 during late Asian trade, the pair’s lowest since October 21; the pair subsequently consolidated at 1.3765, shedding 0.66%.
The pair was likely to find support at 1.3655, the low of October 20 and resistance at 1.3870, the days high.
The euro was hit by uncertainty over how the package of anti-crisis measures agreed on at last Thursday’s European Union summit could be implemented.
Meanwhile, reports that Greek Prime Minister George Papandreou has called a referendum on the new aid package as well as surging Italian borrowing costs added to pressure on the single currency.
The dollar strengthened against all of its major counterparts on Monday, after Japan intervened in the foreign exchange market for the third time this year to rein in the appreciation of the yen.
Risk appetite was also weighed after disappointing Chinese manufacturing data fuelled concerns over a slowdown in the world’s second-largest economy.
The euro was also lower against the pound, with EUR/GBP slipping 0.132% to hit 0.8601.
Later in the day, the Institute of Supply Management was to produce a report on U.S. manufacturing activity.