Investing.com - The euro edged higher against the U.S. dollar on Tuesday, but gains were limited as concerns over the economic outlook for the euro zone lingered, while speculation over the possibility of more easing weighed on the greenback.
EUR/USD hit 1.3260 during late Asian trade, the session high; the pair subsequently consolidated at 1.3250, gaining 0.09%.
The pair was likely to find support at 1.3156, last Friday’s low and short-term resistance at 1.3269, Friday’s high and a one-month high.
Data on Monday confirming that Spain’s economy entered a recession in the first quarter sparked fresh fears that austerity measures could impair economic growth in the euro zone.
Meanwhile, investors remained wary of pushing the single currency too high ahead of weekend elections in Greece and France and the European Central Bank’s policy meeting on Thursday.
But sentiment on the dollar remained soft after U.S. data on Monday showed that manufacturing activity in the Chicago area slowed significantly more-than-expected in April, while a separate report showed that consumer spending slowed last month.
The euro pushed higher against the pound, with EUR/GBP gaining 0.18% to hit 0.8168 but was little changed against the yen, with EUR/JPY edging up 0.01% to hit 105.68.
In Europe, markets in France, Germany, Italy and Switzerland were to remain closed due to national holidays. In the U.S., the Institute for Supply Management was to release a closely watched report on manufacturing activity.
EUR/USD hit 1.3260 during late Asian trade, the session high; the pair subsequently consolidated at 1.3250, gaining 0.09%.
The pair was likely to find support at 1.3156, last Friday’s low and short-term resistance at 1.3269, Friday’s high and a one-month high.
Data on Monday confirming that Spain’s economy entered a recession in the first quarter sparked fresh fears that austerity measures could impair economic growth in the euro zone.
Meanwhile, investors remained wary of pushing the single currency too high ahead of weekend elections in Greece and France and the European Central Bank’s policy meeting on Thursday.
But sentiment on the dollar remained soft after U.S. data on Monday showed that manufacturing activity in the Chicago area slowed significantly more-than-expected in April, while a separate report showed that consumer spending slowed last month.
The euro pushed higher against the pound, with EUR/GBP gaining 0.18% to hit 0.8168 but was little changed against the yen, with EUR/JPY edging up 0.01% to hit 105.68.
In Europe, markets in France, Germany, Italy and Switzerland were to remain closed due to national holidays. In the U.S., the Institute for Supply Management was to release a closely watched report on manufacturing activity.