Investing.com – The euro gave up early gains against the U.S. dollar on Wednesday, tumbling to a fresh 2-month low, in spite of data showing that German business confidence rose to a record high in November.
EUR/USD hit 1.3285 during European afternoon trade, the pair’s lowest since September 24; the pair subsequently consolidated at 1.3333, shedding 0.25%.
The pair was likely to find support at 1.3285, the low of September 24 and resistance at 1.3565, the high of November 17.
Earlier in the day, data showed that German business confidence unexpectedly surged to the highest level since records for a reunified Germany began two decades ago, as domestic spending increased.
The Ifo institute said its index of German business climate increased to 109.3 in November after rising to107.7 in October. Analysts had expected the index to decline to 107.5 in November.
Separate data showed that industrial new orders in the euro zone fell more-than-expected in September.
Later Tuesday, the Irish government was to unveil a four year austerity plan, part of a precondition for a bailout by the European Union and the International Monetary Fund, as opinion polls indicated that the government could well lose the election which is due to take place in January.
The euro was also down against the pound, with EUR/GBP shedding 0.23% to hit 0.8453.
Later in the day, the U.S. was to release a slew of data ahead of the Thanksgiving holiday, with a weekly report on initial jobless claims as well as data on personal spending, durable goods orders and new home sales. The country was also to publish revised data on consumer sentiment and inflation expectations.
EUR/USD hit 1.3285 during European afternoon trade, the pair’s lowest since September 24; the pair subsequently consolidated at 1.3333, shedding 0.25%.
The pair was likely to find support at 1.3285, the low of September 24 and resistance at 1.3565, the high of November 17.
Earlier in the day, data showed that German business confidence unexpectedly surged to the highest level since records for a reunified Germany began two decades ago, as domestic spending increased.
The Ifo institute said its index of German business climate increased to 109.3 in November after rising to107.7 in October. Analysts had expected the index to decline to 107.5 in November.
Separate data showed that industrial new orders in the euro zone fell more-than-expected in September.
Later Tuesday, the Irish government was to unveil a four year austerity plan, part of a precondition for a bailout by the European Union and the International Monetary Fund, as opinion polls indicated that the government could well lose the election which is due to take place in January.
The euro was also down against the pound, with EUR/GBP shedding 0.23% to hit 0.8453.
Later in the day, the U.S. was to release a slew of data ahead of the Thanksgiving holiday, with a weekly report on initial jobless claims as well as data on personal spending, durable goods orders and new home sales. The country was also to publish revised data on consumer sentiment and inflation expectations.