Investing.com – The euro extended earlier losses against the U.S. dollar on Tuesday, falling to a fresh daily low ahead of the release of key U.S. economic data.
EUR/USD hit 1.3861 during European afternoon trade, a fresh daily low; the pair subsequently consolidated at 1.3862, shedding 0.53%.
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.
Earlier in the day, the ZEW Centre for Economic Research said that its index of German economic sentiment fell to -7.2 in October, after falling to -4.3 in September Analysts had expected the index to decline to -7.0 in October. Meanwhile, economic sentiment in the euro zone fell less-than-expected in October.
On the index, a level above 0.0 indicates optimism; a level below 0.0 indicates pessimism.
The report said that October’s decline indicates that German economic growth is likely to slow in the next six months as weak economic dynamics in the U.S. and some euro zone countries remain major risks.
Meanwhile, the euro was up against the pound, with EUR/GBP gaining 0.31% to hit 0.8807.
Later in the day, the U.S. was to publish official data on building permits and housing starts.
EUR/USD hit 1.3861 during European afternoon trade, a fresh daily low; the pair subsequently consolidated at 1.3862, shedding 0.53%.
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.
Earlier in the day, the ZEW Centre for Economic Research said that its index of German economic sentiment fell to -7.2 in October, after falling to -4.3 in September Analysts had expected the index to decline to -7.0 in October. Meanwhile, economic sentiment in the euro zone fell less-than-expected in October.
On the index, a level above 0.0 indicates optimism; a level below 0.0 indicates pessimism.
The report said that October’s decline indicates that German economic growth is likely to slow in the next six months as weak economic dynamics in the U.S. and some euro zone countries remain major risks.
Meanwhile, the euro was up against the pound, with EUR/GBP gaining 0.31% to hit 0.8807.
Later in the day, the U.S. was to publish official data on building permits and housing starts.