Investing.com - The euro was down against the U.S. dollar on Tuesday, falling to a daily low as the dollar rallied on the view that further monetary easing by the Federal Reserve was now well priced into the market.
EUR/USD hit 1.3886 during late Asian trade, a daily low; the pair subsequently consolidated at 1.3898, shedding 0.25%.
The pair was likely to find support at 1.3636, the low of October 5 and resistance at 1.4155, last Friday’s high and a 10-month high.
On Monday, official data showed industrial production in the U.S. fell unexpectedly in September, the first drop after six months of gains.
In a report, the U.S. Federal Reserve said that industrial production declined by a seasonally adjusted 0.2% in September, after rising by 0.2% in August. Analysts had expected industrial production to rise by 0.2% in September.
The report said that the capacity utilization rate remained unchanged in September.
Meanwhile, the euro was up against the pound, with EUR/GBP gaining 0.06% to hit 0.8784.
Also Monday, U.S. Treasury Secretary Timothy Geithner said the U.S. won’t devalue its currency, saying "It is not a viable, feasible strategy and we will not engage in it".
EUR/USD hit 1.3886 during late Asian trade, a daily low; the pair subsequently consolidated at 1.3898, shedding 0.25%.
The pair was likely to find support at 1.3636, the low of October 5 and resistance at 1.4155, last Friday’s high and a 10-month high.
On Monday, official data showed industrial production in the U.S. fell unexpectedly in September, the first drop after six months of gains.
In a report, the U.S. Federal Reserve said that industrial production declined by a seasonally adjusted 0.2% in September, after rising by 0.2% in August. Analysts had expected industrial production to rise by 0.2% in September.
The report said that the capacity utilization rate remained unchanged in September.
Meanwhile, the euro was up against the pound, with EUR/GBP gaining 0.06% to hit 0.8784.
Also Monday, U.S. Treasury Secretary Timothy Geithner said the U.S. won’t devalue its currency, saying "It is not a viable, feasible strategy and we will not engage in it".