Investing.com - The euro edged lower against the U.S. dollar on Wednesday, as investors remained cautious ahead of two speaking engagements scheduled for European Central Bank President Mario Draghi later in the day and as Tuesday's downbeat data continued to weigh.
EUR/USD hit 1.2625 during late Asian trade, the pair's lowest since Monday; the pair subsequently consolidated at 1.2645, easing 0.09%.
The pair was likely to find support at 1.2582, the low of October 7 and resistance at 1.2769, Tuesday's high.
The euro remained under pressure after data on Tuesday showed that German economic sentiment deteriorated to the lowest level since December 2012 in October, fuelling further concerns over the euro zone's largest economy.
The ZEW Centre for Economic Research said that its index of German economic sentiment fell by 10.5 points to minus 3.6 this month from September’s reading of 6.9.
The index of euro zone economic sentiment plunged to 4.1 in September from 14.2 in August.
Data also showed that industrial production in the euro zone declined more than expected in August, while July's figure was revised down.
Investors were eyeing comments by ECB President Mario Draghi later in the day for potential indications on the central bank's next policy steps.
Elsewhere, the euro was also lower against the pound, with EUR/GBP edging down 0.14% to 0.7950.
Later in the day, the U.S. was to release data on retail sales, as well as reports on producer prices and manufacturing activity in the New York region.