Investing.com - The euro touched session lows against the dollar on Thursday after data showed that the economic recovery in the euro zone slowed in the third quarter.
EUR/USD was down 0.33% to hit 1.3441 during European morning trade from 1.3485 on Wednesday.
The pair was likely to find support at 1.3358, Tuesday’s low and resistance at 1.3525.
Eurostat said the euro zone economy expanded by 0.1% in the three months to September, slowing from the 0.3% growth achieved in the second quarter when the euro zone exited a recession. Economist had forecast quarter-on-quarter growth of 0.2%.
The euro zone economy contracted at a annual rate of 0.4% in the third quarter, worse than expectations for a 0.3% contraction, after shrinking at a rate of 0.6% in the previous quarter.
Earlier Thursday, preliminary data showed that the French economy contracted by 0.1% in the third quarter, slowing from the 0.5% growth recorded in the second quarter. Economists had forecast growth of 0.1%.
Germany's economy grew by 0.3% in the third quarter, slowing from the 0.7% growth achieved in the second quarter. On a year-over-year basis, Germany’s economy grew 1.1%, beating forecasts for annual growth of 0.7%.
Meanwhile, speculation over the course of U.S. monetary policy continued following dovish comments from Federal Reserve Chairman nominee Janet Yellen. In a statement released late Wednesday, Yellen said the job market and economy are "performing far short of their potential" and there is "more work to do" on recovery.
Elsewhere, the euro edged lower against the pound, with EUR/GBP dipping 0.07% to 0.8393.
In the U.K., data on Thursday showed that retail sales fell 0.7% in October and rose 1.8% on a year-over-year basis. Economists had forecast a monthly increase of 0.1% and an annual gain of 3.1%.
EUR/USD was down 0.33% to hit 1.3441 during European morning trade from 1.3485 on Wednesday.
The pair was likely to find support at 1.3358, Tuesday’s low and resistance at 1.3525.
Eurostat said the euro zone economy expanded by 0.1% in the three months to September, slowing from the 0.3% growth achieved in the second quarter when the euro zone exited a recession. Economist had forecast quarter-on-quarter growth of 0.2%.
The euro zone economy contracted at a annual rate of 0.4% in the third quarter, worse than expectations for a 0.3% contraction, after shrinking at a rate of 0.6% in the previous quarter.
Earlier Thursday, preliminary data showed that the French economy contracted by 0.1% in the third quarter, slowing from the 0.5% growth recorded in the second quarter. Economists had forecast growth of 0.1%.
Germany's economy grew by 0.3% in the third quarter, slowing from the 0.7% growth achieved in the second quarter. On a year-over-year basis, Germany’s economy grew 1.1%, beating forecasts for annual growth of 0.7%.
Meanwhile, speculation over the course of U.S. monetary policy continued following dovish comments from Federal Reserve Chairman nominee Janet Yellen. In a statement released late Wednesday, Yellen said the job market and economy are "performing far short of their potential" and there is "more work to do" on recovery.
Elsewhere, the euro edged lower against the pound, with EUR/GBP dipping 0.07% to 0.8393.
In the U.K., data on Thursday showed that retail sales fell 0.7% in October and rose 1.8% on a year-over-year basis. Economists had forecast a monthly increase of 0.1% and an annual gain of 3.1%.