Investing.com - The euro pushed higher against the U.S. dollar on Monday, as market sentiment was boosted by hopes for a resolution to the U.S. fiscal cliff, but gains were limited as persistent euro zone worries weighed.
EUR/USD hit 1.2774 during late Asian trade, the session high; the pair subsequently consolidated at 1.2765, gaining 0.18%.
The pair was likely to find support at 1.2689, Friday’s low and near-term resistance at 1.2801, the high of November 15.
Sentiment was bolstered after U.S. Congressional leaders said talks with President Barack Obama on Friday to avert the fiscal crisis were "constructive."
But concerns over the economic outlook for the euro zone remained after data last week showed that the region’s economy contracted 0.1% in the third quarter, tipping the bloc back into recession, after a 0.2% contraction in the previous quarter.
Concerns over Greece also persisted amid disagreements between the International Monetary Fund and Europe on how best to reduce the country’s debt to manageable levels.
A decision on disbursing the country’s next tranche of aid, worth EUR31.5 billion, was expected Tuesday.
The euro was little changed against the pound, with EUR/GBP dipping 0.01% to 0.8022 and was trading close to a three-week high against the yen, with EUR/JPY up 0.13% to 103.73.
Late Monday, the U.S. was to release an industry report on existing home sales.
EUR/USD hit 1.2774 during late Asian trade, the session high; the pair subsequently consolidated at 1.2765, gaining 0.18%.
The pair was likely to find support at 1.2689, Friday’s low and near-term resistance at 1.2801, the high of November 15.
Sentiment was bolstered after U.S. Congressional leaders said talks with President Barack Obama on Friday to avert the fiscal crisis were "constructive."
But concerns over the economic outlook for the euro zone remained after data last week showed that the region’s economy contracted 0.1% in the third quarter, tipping the bloc back into recession, after a 0.2% contraction in the previous quarter.
Concerns over Greece also persisted amid disagreements between the International Monetary Fund and Europe on how best to reduce the country’s debt to manageable levels.
A decision on disbursing the country’s next tranche of aid, worth EUR31.5 billion, was expected Tuesday.
The euro was little changed against the pound, with EUR/GBP dipping 0.01% to 0.8022 and was trading close to a three-week high against the yen, with EUR/JPY up 0.13% to 103.73.
Late Monday, the U.S. was to release an industry report on existing home sales.