Investing.com - The euro was lower against the U.S. dollar on Monday, pulling back from a three-week high as concerns over the outlook for the global economic outlook weighed, ahead of the release of German economic data later in the day.
EUR/USD hit 1.3234 during late Asian trade, the session low; the pair subsequently consolidated at 1.3237, shedding 0.25%.
The pair was likely to find support at 1.3141, the low of March 19 and resistance at 1.3292, Friday’s high and a three-week high.
Concerns over a possible slowdown in China resurfaced last week, after data showing that manufacturing activity contracted this month sparked fears that commodity prices could fall.
A separate report, showing that manufacturing activity in the euro zone remained in contraction territory for the eighth consecutive month in March fuelled fears that the region may be slipping into a recession.
Meanwhile, data on Friday, showing that U.S. new home sales fell for a second month in February indicated that the recovery in the housing market remains uneven.
The euro was lower against the pound but pushed higher against the yen, with EUR/GBP slipping 0.08% to hit 0.8355 and EUR/JPY adding 0.19% to hit 109.48.
Later in the day, the Ifo Institute was to release a report on German business climate, while the U.S. was to publish industry data on pending home sales.
EUR/USD hit 1.3234 during late Asian trade, the session low; the pair subsequently consolidated at 1.3237, shedding 0.25%.
The pair was likely to find support at 1.3141, the low of March 19 and resistance at 1.3292, Friday’s high and a three-week high.
Concerns over a possible slowdown in China resurfaced last week, after data showing that manufacturing activity contracted this month sparked fears that commodity prices could fall.
A separate report, showing that manufacturing activity in the euro zone remained in contraction territory for the eighth consecutive month in March fuelled fears that the region may be slipping into a recession.
Meanwhile, data on Friday, showing that U.S. new home sales fell for a second month in February indicated that the recovery in the housing market remains uneven.
The euro was lower against the pound but pushed higher against the yen, with EUR/GBP slipping 0.08% to hit 0.8355 and EUR/JPY adding 0.19% to hit 109.48.
Later in the day, the Ifo Institute was to release a report on German business climate, while the U.S. was to publish industry data on pending home sales.