Investing.com - The euro held steady against the U.S. dollar on Tuesday, as markets were jittery after mixed economic reports from the euro zone sparked fresh concerns over the outlook for growth in the single currency bloc.
EUR/USD hit 1.2948 during U.S. morning trade, the session low; the pair subsequently consolidared at 1.2971, easing 0.03%.
The pair was likely to find support at 1.2901, the low of April 5 and resistance at 1.3051, the high of May 10.
The ZEW index of German economic sentiment ticked up to 36.4 from 36.3 in April, well below expectations for a reading of 38.3.
The index of current conditions fell to 8.9 from 9.2 in April, indicating that the German economy could struggle to recover from a 0.5% contraction in the fourth quarter.
A separate report showed that euro zone industrial production rose by a seasonally adjusted 1% in March, more than double expectations for a 0.4% increase.
The euro briefly rose to session highs earlier, after Spain saw borrowing costs fall to the lowest level since 2010 at an auction of 12-month government bonds.
The euro was higher against the pound with EUR/GBP adding 0.25%, to hit 0.8502.
Also Tuesday, the Bank of Italy said the country’s government debt hit a a new all-time high of EUR2.03 trillion in March.
EUR/USD hit 1.2948 during U.S. morning trade, the session low; the pair subsequently consolidared at 1.2971, easing 0.03%.
The pair was likely to find support at 1.2901, the low of April 5 and resistance at 1.3051, the high of May 10.
The ZEW index of German economic sentiment ticked up to 36.4 from 36.3 in April, well below expectations for a reading of 38.3.
The index of current conditions fell to 8.9 from 9.2 in April, indicating that the German economy could struggle to recover from a 0.5% contraction in the fourth quarter.
A separate report showed that euro zone industrial production rose by a seasonally adjusted 1% in March, more than double expectations for a 0.4% increase.
The euro briefly rose to session highs earlier, after Spain saw borrowing costs fall to the lowest level since 2010 at an auction of 12-month government bonds.
The euro was higher against the pound with EUR/GBP adding 0.25%, to hit 0.8502.
Also Tuesday, the Bank of Italy said the country’s government debt hit a a new all-time high of EUR2.03 trillion in March.