Investing.com - The euro was trading close to a two-month low against the U.S. dollar on Thursday, as concerns over U.S. tax increases and spending cuts weighed on demand for riskier assets.
EUR/USD hit 1.2743 during late Asian trade, the session low; the pair subsequently consolidated at 1.2763, inching down 0.06%.
The pair was likely to find support at 1.2625, the low of September 7 and resistance at 1.2825, the high of November 6.
The outlook for U.S. and global growth was clouded amid concerns over the fiscal cliff, USD500 billion of automatic tax hikes and spending cuts due to come into effect on January 1, unless lawmakers can reach an agreement.
The euro remained somewhat supported after the Greek parliament narrowly approved further austerity measures required to secure the next installment of bailout funds late Wednesday, but the measures look likely to exacerbate the country’s recession.
Investors were looking ahead to the European Central Bank's policy-setting meeting and President Mario Draghi's press conference later in the day.
The euro was fractionally lower against the pound, with EUR/GBP dipping 0.06% to 0.7984 and was down against the yen, with EUR/JPY sliding 0.21% to 101.95.
Later Thursday, the eurogroup of finance ministers were to hold talks in Brussels to discuss financial issues in the bloc.
Elsewhere, the U.S. was to publish official data on the trade balance as well as the weekly government report on initial jobless claims.
EUR/USD hit 1.2743 during late Asian trade, the session low; the pair subsequently consolidated at 1.2763, inching down 0.06%.
The pair was likely to find support at 1.2625, the low of September 7 and resistance at 1.2825, the high of November 6.
The outlook for U.S. and global growth was clouded amid concerns over the fiscal cliff, USD500 billion of automatic tax hikes and spending cuts due to come into effect on January 1, unless lawmakers can reach an agreement.
The euro remained somewhat supported after the Greek parliament narrowly approved further austerity measures required to secure the next installment of bailout funds late Wednesday, but the measures look likely to exacerbate the country’s recession.
Investors were looking ahead to the European Central Bank's policy-setting meeting and President Mario Draghi's press conference later in the day.
The euro was fractionally lower against the pound, with EUR/GBP dipping 0.06% to 0.7984 and was down against the yen, with EUR/JPY sliding 0.21% to 101.95.
Later Thursday, the eurogroup of finance ministers were to hold talks in Brussels to discuss financial issues in the bloc.
Elsewhere, the U.S. was to publish official data on the trade balance as well as the weekly government report on initial jobless claims.