Investing.com - The euro was almost unchanged against the U.S. dollar on Tuesday, as investors looked ahead to a meeting of euro zone finance ministers to discuss a delayed bailout payment for Greece.
EUR/USD pulled back from 1.2764, the session low, to hit 1.2806 during European late morning trade, dipping 0.06%.
The pair was likely to find support at 1.2689, Friday’s low and resistance at 1.2875, the high of November 7.
The eurogroup of euro zone finance ministers was to hold talks in Brussels later in the day to discuss whether Greece can receive its next tranche of bailout funds.
Last week, European leaders granted Greece an additional two years to cut its budget deficit, which resulted in a disagreement with the International Monetary Fund, as it will add to the country’s debt burden.
The euro touched session lows against the greenback earlier after ratings agency Moody’s downgraded France by one notch to Aa1 from Aaa with a negative outlook overnight, citing a deteriorating growth outlook for the euro zone’s second-largest economy.
The announcement did not come as a surprise to markets after Standard & Poor’s cut France’s rating in January.
Elsewhere in the euro zone, Spain successfully auctioned EUR5 billion of short term government bonds at lower borrowing costs, easing pressure on the country to request a bailout.
The euro was slightly lower against the pound and the yen, with EUR/GBP slipping 0.16% to 0.8041 and EUR/JPY dipping 0.09% to 104.22.
Later Tuesday, the U.S. was to publish official data on building permits and housing starts, while Federal Reserve Chairman Ben Bernanke was to speak at an event in New York.
EUR/USD pulled back from 1.2764, the session low, to hit 1.2806 during European late morning trade, dipping 0.06%.
The pair was likely to find support at 1.2689, Friday’s low and resistance at 1.2875, the high of November 7.
The eurogroup of euro zone finance ministers was to hold talks in Brussels later in the day to discuss whether Greece can receive its next tranche of bailout funds.
Last week, European leaders granted Greece an additional two years to cut its budget deficit, which resulted in a disagreement with the International Monetary Fund, as it will add to the country’s debt burden.
The euro touched session lows against the greenback earlier after ratings agency Moody’s downgraded France by one notch to Aa1 from Aaa with a negative outlook overnight, citing a deteriorating growth outlook for the euro zone’s second-largest economy.
The announcement did not come as a surprise to markets after Standard & Poor’s cut France’s rating in January.
Elsewhere in the euro zone, Spain successfully auctioned EUR5 billion of short term government bonds at lower borrowing costs, easing pressure on the country to request a bailout.
The euro was slightly lower against the pound and the yen, with EUR/GBP slipping 0.16% to 0.8041 and EUR/JPY dipping 0.09% to 104.22.
Later Tuesday, the U.S. was to publish official data on building permits and housing starts, while Federal Reserve Chairman Ben Bernanke was to speak at an event in New York.