Investing.com – The euro extended gains against the U.S. dollar on Monday, rising to a fresh daily high, as concerns over a slowdown in U.S. growth soured sentiment towards the dollar ahead of U.S. housing data.
EUR/USD hit 1.3120 during European afternoon trade, a fresh daily high; the pair subsequently consolidated at 1.3087, gaining 0.29%.
The pair was likely to find support at 1.2975, last Friday's low and short-term resistance at 1.3158.
Earlier in the day, Italy's statistical office Istat said that Italy's trade balance contracted more-than-expected in July, to record a surplus of EUR 1.8 billion, narrowing from a deficit of EUR 3.06 billion in June.
Economists had expected the trade deficit to contract to show a deficit of EUR 1.37 in July.
The report said that exports increased 12.2% year-on-year to EUR 33.06 billion in July, while imports grew 21% to EUR 31.3 billion.
The euro was also up against the pound, with EUR/GBP gaining 0.41% to hit 0.8340.
Later in the day, the U.S. was to publish industry data on home sales.
EUR/USD hit 1.3120 during European afternoon trade, a fresh daily high; the pair subsequently consolidated at 1.3087, gaining 0.29%.
The pair was likely to find support at 1.2975, last Friday's low and short-term resistance at 1.3158.
Earlier in the day, Italy's statistical office Istat said that Italy's trade balance contracted more-than-expected in July, to record a surplus of EUR 1.8 billion, narrowing from a deficit of EUR 3.06 billion in June.
Economists had expected the trade deficit to contract to show a deficit of EUR 1.37 in July.
The report said that exports increased 12.2% year-on-year to EUR 33.06 billion in July, while imports grew 21% to EUR 31.3 billion.
The euro was also up against the pound, with EUR/GBP gaining 0.41% to hit 0.8340.
Later in the day, the U.S. was to publish industry data on home sales.