Investing.com – The euro was down against the U.S. dollar on Monday, retreating from a 6-month high as the dollar staged a broad rally, trimmimg Friday's losses.
EUR/USD hit 1.3729 during late Asian trade, a daily low; the pair subsequently consolidated at 1.3731, shedding 0.44%.
The pair was likely to find support at 1.3618, Friday's low and resistance at 1.3901, the high of February 4.
The euro's losses came after the Financial Times reported Ireland’s budget deficit this year will be higher than earlier forecast and Nobel Prize-winning economist Joseph Stiglitz said the euro’s future is “looking bleak.”
Stiglitz said the euro is under pressure because some countries such as Germany are running trade surpluses while Ireland, Portugal, Greece and others have deficits.
The euro was also down against the pound, with EUR/GBP shedding 0.04% to hit 0.8714.
Later in the day the U.S. was to publish official data on pending home sales while Fed chairman Ben Bernanke was to make a speech.
EUR/USD hit 1.3729 during late Asian trade, a daily low; the pair subsequently consolidated at 1.3731, shedding 0.44%.
The pair was likely to find support at 1.3618, Friday's low and resistance at 1.3901, the high of February 4.
The euro's losses came after the Financial Times reported Ireland’s budget deficit this year will be higher than earlier forecast and Nobel Prize-winning economist Joseph Stiglitz said the euro’s future is “looking bleak.”
Stiglitz said the euro is under pressure because some countries such as Germany are running trade surpluses while Ireland, Portugal, Greece and others have deficits.
The euro was also down against the pound, with EUR/GBP shedding 0.04% to hit 0.8714.
Later in the day the U.S. was to publish official data on pending home sales while Fed chairman Ben Bernanke was to make a speech.