Investing.com – The euro fell to an eight-month low against the U.S. dollar on Monday, as concerns over the impact of the region’s debt crisis on global growth weighed on market sentiment.
EUR/USD hit 1.3314 during late Asian trade, the pair’s lowest since January 18; the pair subsequently consolidated at 1.3330, shedding 0.39%.
The pair was likely to find support at 1.3088, the low of January 13 and short-term resistance at 1.3376, the day’s high.
Later Monday, finance ministers from the single currency bloc were meeting to discuss options for increasing the capacity of the region’s bailout fund, the European Financial Stability Facility.
Over the weekend, German Finance Minister Wolfgang Schnabel ruled out a larger German contribution to the EFSF than approved by parliament last week.
In Greece, Prime Minister George Papandreou’s government approved EUR6.6 billion of austerity measures on Sunday, in order to meet deficit reduction targets and access the country’s next trance of aid.
The euro was fractionally lower against the pound, with EUR/GBP slipping 0.05% to hit 0.8584.
Also Monday, the U.S. Institute of Supply Management was to publish data on manufacturing activity.
EUR/USD hit 1.3314 during late Asian trade, the pair’s lowest since January 18; the pair subsequently consolidated at 1.3330, shedding 0.39%.
The pair was likely to find support at 1.3088, the low of January 13 and short-term resistance at 1.3376, the day’s high.
Later Monday, finance ministers from the single currency bloc were meeting to discuss options for increasing the capacity of the region’s bailout fund, the European Financial Stability Facility.
Over the weekend, German Finance Minister Wolfgang Schnabel ruled out a larger German contribution to the EFSF than approved by parliament last week.
In Greece, Prime Minister George Papandreou’s government approved EUR6.6 billion of austerity measures on Sunday, in order to meet deficit reduction targets and access the country’s next trance of aid.
The euro was fractionally lower against the pound, with EUR/GBP slipping 0.05% to hit 0.8584.
Also Monday, the U.S. Institute of Supply Management was to publish data on manufacturing activity.