Investing.com – The euro extended losses against the U.S. dollar on Monday, falling to a fresh 4-day low as focus shifted back to the sovereign debt problems of peripheral euro zone nations.
EUR/USD hit 1.3888 during European afternoon trade, the pair’s lowest since November 2; the pair subsequently consolidated at 1.3910, plummeting 0.86%.
The pair was likely to find support at 1.3806, the low of October 29 and resistance at 1.4248, last Friday’s high.
Earlier Monday, European Union Commissioner Olli Rehn was to begin a 2-day visit to Ireland to discuss the country's plans for fiscal austerity. The country's main opposition party said on Sunday that it would not support next month's budget after the government announced a package of EUR 15 billion in spending cuts aimed at reducing the country’s budget deficit.
Meanwhile, in Greece Prime Minister George Papandreou shelved a threat to call an early election after his ruling Socialist party preformed strongly in local elections, increasing the chance that the country will succeed in pushing through further fiscal tightening measures.
The euro was also down against the pound, with EUR/GBP shedding 0.62% to hit 0.8615.
Also Monday, official data showed that Germany’s industrial production fell more-than-expected in September , dropping 0.8%, after rising by a revised 1.5% August. Analysts had expected industrial production to rise by 0.4% in September.
EUR/USD hit 1.3888 during European afternoon trade, the pair’s lowest since November 2; the pair subsequently consolidated at 1.3910, plummeting 0.86%.
The pair was likely to find support at 1.3806, the low of October 29 and resistance at 1.4248, last Friday’s high.
Earlier Monday, European Union Commissioner Olli Rehn was to begin a 2-day visit to Ireland to discuss the country's plans for fiscal austerity. The country's main opposition party said on Sunday that it would not support next month's budget after the government announced a package of EUR 15 billion in spending cuts aimed at reducing the country’s budget deficit.
Meanwhile, in Greece Prime Minister George Papandreou shelved a threat to call an early election after his ruling Socialist party preformed strongly in local elections, increasing the chance that the country will succeed in pushing through further fiscal tightening measures.
The euro was also down against the pound, with EUR/GBP shedding 0.62% to hit 0.8615.
Also Monday, official data showed that Germany’s industrial production fell more-than-expected in September , dropping 0.8%, after rising by a revised 1.5% August. Analysts had expected industrial production to rise by 0.4% in September.