Investing.com - The euro was higher against the dollar on Monday as a political stalemate over the U.S budget and debt ceiling dragged on, with politicians in Washington appearing no closer to a resolution.
EUR/USD hit 1.3582 during late Asian trade, the session high; the pair subsequently consolidated at 1.3563, gaining 0.18%.
The pair was likely to find support at 1.3517, Friday’s low and resistance at 1.3631, the high of October 4.
Negotiations between U.S. President Barack Obama and House Republicans broke down over the weekend, fuelling concerns that a deal to raise the government borrowing limit would not be struck ahead of Thursday’s deadline to avert an unprecedented U.S. sovereign debt default.
Central bankers and finance ministers in Washington for the annual meeting of the International Monetary Fund and World Bank over the weekend called for “urgent action” to break the deadlock.
European Central Bank President Mario Draghi said it was “unthinkable that an agreement won’t be found”.
Elsewhere, the euro was steady against the pound, with EUR/GBP dipping 0.05% to 0.8485 and slipped lower against the safe haven yen, with EUR/JPY sliding 0.14% to 133.25.
The euro zone was to release data on industrial production later in the trading day.
EUR/USD hit 1.3582 during late Asian trade, the session high; the pair subsequently consolidated at 1.3563, gaining 0.18%.
The pair was likely to find support at 1.3517, Friday’s low and resistance at 1.3631, the high of October 4.
Negotiations between U.S. President Barack Obama and House Republicans broke down over the weekend, fuelling concerns that a deal to raise the government borrowing limit would not be struck ahead of Thursday’s deadline to avert an unprecedented U.S. sovereign debt default.
Central bankers and finance ministers in Washington for the annual meeting of the International Monetary Fund and World Bank over the weekend called for “urgent action” to break the deadlock.
European Central Bank President Mario Draghi said it was “unthinkable that an agreement won’t be found”.
Elsewhere, the euro was steady against the pound, with EUR/GBP dipping 0.05% to 0.8485 and slipped lower against the safe haven yen, with EUR/JPY sliding 0.14% to 133.25.
The euro zone was to release data on industrial production later in the trading day.