Investing.com - The euro remained lower against the U.S. dollar on Tuesday, as downbeat U.S. retail sales data and euro zone debt concerns weighed on demand for the single currency ahead of a key meeting of European ministers on Wednesday.
EUR/USD hit 1.3128 during U.S. morning trade, the pair’s lowest since February 7; the pair subsequently consolidated at 1.3155, shedding 0.24%.
The pair was likely to find support at 1.3084, the low of February 2 and resistance at 1.3226, the high of January 30.
The U.S. Census Bureau said earlier that retail sales rose less-than-expected by 0.4% in January, falling short of expectations for a 0.8% increase. December’s figure was revised down to a flat reading from a previously reported 0.1% increase.
The report also showed that core retail sales, which exclude automobile sales, rose by 0.7% last month, above expectations for a 0.6% gain.
Earlier in the day, the euro fell to a five-day low against the greenback after ratings agency Moody's downgraded the credit ratings on six European countries, including Spain and Italy late Monday. France and Austria kept their top ratings but had their outlooks dropped to "negative" from "stable."
Sentiment briefly strengthened earlier after a report showed that German economic sentiment rose significantly more-than-expected in February, turning positive for the first time since May 2011, while economic sentiment in the euro zone rose to minus 8.1 from minus 32.5 in January.
The single currency was higher against the pound with EUR/GBP rising 0.24%, to hit 0.8385.
Euro zone finance ministers were to meet on Wednesday to discuss Greece's second bailout package, after the country's parliament voted a new austeroty plan on Sunday.
EUR/USD hit 1.3128 during U.S. morning trade, the pair’s lowest since February 7; the pair subsequently consolidated at 1.3155, shedding 0.24%.
The pair was likely to find support at 1.3084, the low of February 2 and resistance at 1.3226, the high of January 30.
The U.S. Census Bureau said earlier that retail sales rose less-than-expected by 0.4% in January, falling short of expectations for a 0.8% increase. December’s figure was revised down to a flat reading from a previously reported 0.1% increase.
The report also showed that core retail sales, which exclude automobile sales, rose by 0.7% last month, above expectations for a 0.6% gain.
Earlier in the day, the euro fell to a five-day low against the greenback after ratings agency Moody's downgraded the credit ratings on six European countries, including Spain and Italy late Monday. France and Austria kept their top ratings but had their outlooks dropped to "negative" from "stable."
Sentiment briefly strengthened earlier after a report showed that German economic sentiment rose significantly more-than-expected in February, turning positive for the first time since May 2011, while economic sentiment in the euro zone rose to minus 8.1 from minus 32.5 in January.
The single currency was higher against the pound with EUR/GBP rising 0.24%, to hit 0.8385.
Euro zone finance ministers were to meet on Wednesday to discuss Greece's second bailout package, after the country's parliament voted a new austeroty plan on Sunday.