Investing.com - The euro was hovering just above a 22-month low against the U.S. dollar on Thursday, after Wednesday’s summit of European Union leaders made little signs of progress in tackling the debt crisis in the region.
EUR/USD hit 1.2555 during late Asian trade, the session low; the pair subsequently consolidated at 1.2582, inching up 0.01%.
The pair was likely to find short-term support at 1.2544, Wednesday’s low and a 22-month trough and resistance at 1.2687, Wednesday’s high.
Investor sentiment remained weak as markets viewed the lack of progress at the summit as an indication that the current turmoil in markets looks set to continue.
EU leaders discussed measures to bolster growth in the region and the proposed joint issuing of euro bonds but some members, including Germany, remained opposed, arguing that it would lessen pressure for heavily indebted countries to get their finances in order.
Leaders reiterated that they want Greece to remain in the euro area, but urged the country to honor its commitments to austerity measures and the reforms demanded under its bailout program.
The euro was fractionally higher against the pound and the yen, with EUR/GBP inching up 0.01% to hit 0.8023 and EUR/JPY easing up 0.07% to hit 1.2582.
Later in the day, the euro zone was to produce preliminary data on manufacturing and service sector growth, while Germany and France were also to release individual reports. In addition, European Central Bank President Mario Draghi was to speak.
Also Thursday, the U.S. was to release official data on core durable goods orders and initial jobless claims.
EUR/USD hit 1.2555 during late Asian trade, the session low; the pair subsequently consolidated at 1.2582, inching up 0.01%.
The pair was likely to find short-term support at 1.2544, Wednesday’s low and a 22-month trough and resistance at 1.2687, Wednesday’s high.
Investor sentiment remained weak as markets viewed the lack of progress at the summit as an indication that the current turmoil in markets looks set to continue.
EU leaders discussed measures to bolster growth in the region and the proposed joint issuing of euro bonds but some members, including Germany, remained opposed, arguing that it would lessen pressure for heavily indebted countries to get their finances in order.
Leaders reiterated that they want Greece to remain in the euro area, but urged the country to honor its commitments to austerity measures and the reforms demanded under its bailout program.
The euro was fractionally higher against the pound and the yen, with EUR/GBP inching up 0.01% to hit 0.8023 and EUR/JPY easing up 0.07% to hit 1.2582.
Later in the day, the euro zone was to produce preliminary data on manufacturing and service sector growth, while Germany and France were also to release individual reports. In addition, European Central Bank President Mario Draghi was to speak.
Also Thursday, the U.S. was to release official data on core durable goods orders and initial jobless claims.