Investing.com - The euro was little changed against the U.S. dollar on Monday, after U.S. data painted a mixed picture of the economy, while uncertainty over Spain’s stance on requesting a bailout weighed on the single currency.
EUR/USD hit 1.2979 during European afternoon trade, the session high; the pair subsequently consolidated at 1.2961, inching up 0.07%.
The pair was likely to find support at 1.2824, Thursday’s low and near-term resistance at 1.2990, Friday’s high.
The Commerce Department said U.S. retail sales rose by a seasonally adjusted 1.1% in September, beating expectations for a 0.8% increase.
Retail sales in August were revised up to a 1.2% gain from a previously reported increase of 0.9%.
Core retail sales, which exclude automobile sales, rose by 1.1%, outstripping expectations for a 0.6% increase.
A separate report showed that the New York Federal Reserve’s index of manufacturing conditions improved to minus 6.2 in October from minus 10.4 the previous month, but remained in contraction territory for the third consecutive month.
Sentiment on the euro remained fragile amid some disappointment in markets after Madrid did not request financial aid over the weekend and a request for a bailout is now seen as increasingly unlikely ahead of regional elections on October 21.
Elsewhere in the euro zone, uncertainty over when Greece will receive its next tranche of financial aid remained a source of concern.
Greek Prime Minister Antonis Samaras said Sunday his country was facing the “last hurdle” before recovery and expressed confidence that the government will reach an agreement with international creditors ahead of Thursday’s European Union summit.
The euro found support earlier after official data over the weekend showed that China’s trade surplus widened in September as export demand increased and imports recovered, easing concerns over a slowdown in the world’s second largest economy.
The euro was slightly higher against the pound, with EUR/GBP easing up 0.11% to 0.8068 and pushed higher against the yen, with EUR/JPY rising 0.46% to 102.08.
Later in the day, the U.S. was to release official data on business inventories.
EUR/USD hit 1.2979 during European afternoon trade, the session high; the pair subsequently consolidated at 1.2961, inching up 0.07%.
The pair was likely to find support at 1.2824, Thursday’s low and near-term resistance at 1.2990, Friday’s high.
The Commerce Department said U.S. retail sales rose by a seasonally adjusted 1.1% in September, beating expectations for a 0.8% increase.
Retail sales in August were revised up to a 1.2% gain from a previously reported increase of 0.9%.
Core retail sales, which exclude automobile sales, rose by 1.1%, outstripping expectations for a 0.6% increase.
A separate report showed that the New York Federal Reserve’s index of manufacturing conditions improved to minus 6.2 in October from minus 10.4 the previous month, but remained in contraction territory for the third consecutive month.
Sentiment on the euro remained fragile amid some disappointment in markets after Madrid did not request financial aid over the weekend and a request for a bailout is now seen as increasingly unlikely ahead of regional elections on October 21.
Elsewhere in the euro zone, uncertainty over when Greece will receive its next tranche of financial aid remained a source of concern.
Greek Prime Minister Antonis Samaras said Sunday his country was facing the “last hurdle” before recovery and expressed confidence that the government will reach an agreement with international creditors ahead of Thursday’s European Union summit.
The euro found support earlier after official data over the weekend showed that China’s trade surplus widened in September as export demand increased and imports recovered, easing concerns over a slowdown in the world’s second largest economy.
The euro was slightly higher against the pound, with EUR/GBP easing up 0.11% to 0.8068 and pushed higher against the yen, with EUR/JPY rising 0.46% to 102.08.
Later in the day, the U.S. was to release official data on business inventories.