Investing.com – The euro eased from a 3-month high against the U.S. dollar on Tuesday, as fears over the strength of the U.S. economic recovery eased after a speech by U.S. Federal Reserve Chairman Ben Bernanke.
EUR/USD hit 1.3149 during late Asian trade, a daily low; the pair subsequently consolidated at 1.3140, shedding 0.21%.
The pair was likely to find support at 1.2966, the low of July 28 and resistance at 1.3332, the high of May 3.
Late Monday, Bernanke said that while the U.S. has “a considerable way to go” for a full recovery, the economy “is now expanding at a moderate pace,” before adding that, “rising demand from households and businesses should help sustain growth”.
He also said that consumer spending, which accounts for about 70% of the economy, “seems likely to pick up in coming quarters from its recent modest pace".
The euro was also down against the pound, with EUR/GBP shedding 0.19% to hit 0.8280.
Later in the day, the U.S. was to release key data on pending home sales and personal consumption expenditure.
EUR/USD hit 1.3149 during late Asian trade, a daily low; the pair subsequently consolidated at 1.3140, shedding 0.21%.
The pair was likely to find support at 1.2966, the low of July 28 and resistance at 1.3332, the high of May 3.
Late Monday, Bernanke said that while the U.S. has “a considerable way to go” for a full recovery, the economy “is now expanding at a moderate pace,” before adding that, “rising demand from households and businesses should help sustain growth”.
He also said that consumer spending, which accounts for about 70% of the economy, “seems likely to pick up in coming quarters from its recent modest pace".
The euro was also down against the pound, with EUR/GBP shedding 0.19% to hit 0.8280.
Later in the day, the U.S. was to release key data on pending home sales and personal consumption expenditure.