Investing.com – The euro erased early gains against the U.S. dollar on Monday, tumbling to a fresh daily low, as risk aversion escalated after a flurry of weak Canadian data and ahead of a U.S. report on the housing sector.
EUR/USD hit 1.3029 during European afternoon trade, a fresh daily low; the pair subsequently consolidated at 1.3037, shedding 0.09%.
The pair was likely to find support at 1.2975, last Friday's low and short-term resistance at 1.3158.
Earlier in the day, concerns over the fragile global economic recovery were underlined after official data showed that foreign investment in Canada fell unexpectedly in July. Meanwhile, a separate report showed that Canadian wholesale sales rose less-than-expected in July.
But the euro was up against the pound, with EUR/GBP gaining 0.30% to hit 0.8373.
Later in the day, the U.S. National Association of Home Builders was to publish data on home sales.
EUR/USD hit 1.3029 during European afternoon trade, a fresh daily low; the pair subsequently consolidated at 1.3037, shedding 0.09%.
The pair was likely to find support at 1.2975, last Friday's low and short-term resistance at 1.3158.
Earlier in the day, concerns over the fragile global economic recovery were underlined after official data showed that foreign investment in Canada fell unexpectedly in July. Meanwhile, a separate report showed that Canadian wholesale sales rose less-than-expected in July.
But the euro was up against the pound, with EUR/GBP gaining 0.30% to hit 0.8373.
Later in the day, the U.S. National Association of Home Builders was to publish data on home sales.