Investing.com - The euro edged lower against the U.S. dollar on Tuesday, as investors looked ahead to a meeting of the eurogroup of euro zone finance ministers later in the day to discuss whether Greece can receive its next installment of bailout funds.
EUR/USD hit 1.2765 during late Asian trade, the session low; the pair subsequently consolidated at 1.2796, sliding 0.14%.
The pair was likely to find support at 1.2689, Friday’s low and resistance at 1.2875, the high of November 7.
Last week, European leaders granted Greece an two extra 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 hit session lows against the greenback after ratings agency Moody’s downgraded France by one notch to Aa1 from Aaa with a negative outlook, citing a deteriorating growth outlook for the euro zone’s second-largest economy.
The euro remained supported following the announcement, which did not come as a surprise after Standard & Poor’s cut France’s rating in January.
The euro was lower against the pound and the yen, with EUR/GBP slipping 0.14% to 0.8042 and EUR/JPY down 0.43% to 103.85.
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 hit 1.2765 during late Asian trade, the session low; the pair subsequently consolidated at 1.2796, sliding 0.14%.
The pair was likely to find support at 1.2689, Friday’s low and resistance at 1.2875, the high of November 7.
Last week, European leaders granted Greece an two extra 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 hit session lows against the greenback after ratings agency Moody’s downgraded France by one notch to Aa1 from Aaa with a negative outlook, citing a deteriorating growth outlook for the euro zone’s second-largest economy.
The euro remained supported following the announcement, which did not come as a surprise after Standard & Poor’s cut France’s rating in January.
The euro was lower against the pound and the yen, with EUR/GBP slipping 0.14% to 0.8042 and EUR/JPY down 0.43% to 103.85.
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.