Investing.com – The euro erased gains against the U.S. dollar on Thursday, falling to hit a fresh daily low, amid ongoing concerns over sovereign debt problems in peripheral euro zone nations.
EUR/USD hit 1.3701 during European afternoon trade, a daily low; the pair subsequently consolidated at 1.3705, falling 0.56%.
The pair was likely to find support at 1.3636, the low of October 5, and resistance at 1.3973, the high of November 9.
Earlier in the day, official data showed that Greece’s unemployment rate rose to a record high in August, increasing to a seasonally adjusted 12.2%, up from 12.0% in July.
According to the data, Greece’s economy shed 46K jobs in August, while the total number of unemployed people rose to a record 613,108.
Meanwhile, a separate report showed that Spain’s gross domestic product was flat in the third-quarter, widely in line with expectations, after growing by 0.2% in the second-quarter.
On an annual basis, Spain's GDP rose 0.2% in the third-quarter, after falling by 0.1% in the second-quarter.
The euro was also down against the pound, with EUR/GBP falling 0.65% to hit 0.8494.
On Thursday, G-20 leaders began a 2-day world economic summit amid growing concerns about trade imbalances and currency controls.
The summit was expected to be closely watched by investors following the Federal Reserve’s decision last week to buy its own debt to keep borrowing costs near zero, which attracted criticism from other G-20 leaders including Germany and China.
EUR/USD hit 1.3701 during European afternoon trade, a daily low; the pair subsequently consolidated at 1.3705, falling 0.56%.
The pair was likely to find support at 1.3636, the low of October 5, and resistance at 1.3973, the high of November 9.
Earlier in the day, official data showed that Greece’s unemployment rate rose to a record high in August, increasing to a seasonally adjusted 12.2%, up from 12.0% in July.
According to the data, Greece’s economy shed 46K jobs in August, while the total number of unemployed people rose to a record 613,108.
Meanwhile, a separate report showed that Spain’s gross domestic product was flat in the third-quarter, widely in line with expectations, after growing by 0.2% in the second-quarter.
On an annual basis, Spain's GDP rose 0.2% in the third-quarter, after falling by 0.1% in the second-quarter.
The euro was also down against the pound, with EUR/GBP falling 0.65% to hit 0.8494.
On Thursday, G-20 leaders began a 2-day world economic summit amid growing concerns about trade imbalances and currency controls.
The summit was expected to be closely watched by investors following the Federal Reserve’s decision last week to buy its own debt to keep borrowing costs near zero, which attracted criticism from other G-20 leaders including Germany and China.