Investing.com – The euro erased gains against the U.S. dollar on Tuesday, falling to hit a fresh daily low, after data showed that German economic sentiment fell to a 19-month low.
EUR/USD hit 1.2839 during European morning trade, a daily low; the pair subsequently consolidated at 1.2844, shedding 0.29%.
The pair is likely to find support at 1.2702, Monday’s low, and resistance at 1.2917, the high of September 6.
Earlier in the day, the ZEW Centre for Economic Research said that its index of German economic sentiment fell to -4.3 in September, after rising to 14 in August.
Analysts had expected the index to decline to 10.7 in September.
On the index a level above 0.0 indicates optimism; a level below 0.0 indicates pessimism.
The report also said that economic sentiment in the euro zone fell to 4.4 in September, after rising to 15.8 in August.
Analysts had expected euro zone economic sentiment to decline to 14.9 in September.
The euro was also down against the pound, with EUR/GBP shedding 0.08% to hit 0.8343.
Later in the day, the U.S. was to release key data on retail sales.
EUR/USD hit 1.2839 during European morning trade, a daily low; the pair subsequently consolidated at 1.2844, shedding 0.29%.
The pair is likely to find support at 1.2702, Monday’s low, and resistance at 1.2917, the high of September 6.
Earlier in the day, the ZEW Centre for Economic Research said that its index of German economic sentiment fell to -4.3 in September, after rising to 14 in August.
Analysts had expected the index to decline to 10.7 in September.
On the index a level above 0.0 indicates optimism; a level below 0.0 indicates pessimism.
The report also said that economic sentiment in the euro zone fell to 4.4 in September, after rising to 15.8 in August.
Analysts had expected euro zone economic sentiment to decline to 14.9 in September.
The euro was also down against the pound, with EUR/GBP shedding 0.08% to hit 0.8343.
Later in the day, the U.S. was to release key data on retail sales.