Investing.com – The euro trimmed early losses against the U.S. dollar on Wednesday, retreating from a daily low, after a raft of mixed U.S. economic data dampened sentiment on the U.S. dollar.
EUR/USD hit 1.2986 during European afternoon trade, shedding 0.09% after clawing back up from a daily low of 1.2956.
The pair is likely to find support at 1.2828, Tuesday’s low, and resistance at 1.3185, the high of August 11.
Earlier in the day, the U.S. Federal Reserve said that industrial production declined by a seasonally adjusted 0.2% in August, after falling by a revised 0.6% in July.
Analysts had expected industrial production to decline by 0.3% in August.
The report also said the capacity utilization rate fell unexpectedly in August.
Meanwhile, separate data showed that an index of manufacturing conditions in New York State fell more-than-expected in September, while import prices increased more-than-expected in August, rising for a second consecutive month.
The euro was also down against the pound, with EUR/GBP shedding 0.04% to hit 0.8360.
Earlier Wednesday, official data showed that the annualized rate of consumer price inflation in the euro zone declined in line with expectations in August.
EUR/USD hit 1.2986 during European afternoon trade, shedding 0.09% after clawing back up from a daily low of 1.2956.
The pair is likely to find support at 1.2828, Tuesday’s low, and resistance at 1.3185, the high of August 11.
Earlier in the day, the U.S. Federal Reserve said that industrial production declined by a seasonally adjusted 0.2% in August, after falling by a revised 0.6% in July.
Analysts had expected industrial production to decline by 0.3% in August.
The report also said the capacity utilization rate fell unexpectedly in August.
Meanwhile, separate data showed that an index of manufacturing conditions in New York State fell more-than-expected in September, while import prices increased more-than-expected in August, rising for a second consecutive month.
The euro was also down against the pound, with EUR/GBP shedding 0.04% to hit 0.8360.
Earlier Wednesday, official data showed that the annualized rate of consumer price inflation in the euro zone declined in line with expectations in August.