Investing.com - The euro was trading close to session highs against the U.S. dollar in thin trade on Tuesday, as U.S. markets remained closed for a second day in the wake of Hurricane Sandy.
EUR/USD hit 1.2960 during U.S. morning trade, the pair’s highest since Thursday; the pair subsequently consolidated at 1.2966, gaining 0.48%.
The pair was likely to find support at 1.2885, the session low and a two-week low and resistance at 1.3022, the high of October 25.
The single currency found support after Italy saw borrowing costs fall to the lowest level since May 2011 at an auction of five- and ten-year government bonds.
Earlier Tuesday, concerns over the economic impact of the euro zone’s crisis deepened after official data showed that the number of unemployed in Germany rose by 20,000 in October, compared to expectations for an increase of 10,000.
The unemployment rate ticked up to 6.9%, matching September’s rate, which was revised up from 6.8%.
Elsewhere, official data showed that the Spanish economy contracted by 0.3% in the third quarter, compared to expectations for a 0.4% contraction, extending the recession into a fourth quarter.
The data came one day after Spanish Prime Minister Mariano Rajoy said he would request a bailout "when I think it is in the interests of Spain".
The euro was higher against the pound and the yen, with EUR/GBP up 0.24% to 0.8067 and EUR/JPY rising 0.22% to 103.19.
The euro was lower against the yen earlier in the session after fresh easing steps by the Bank of Japan disappointed market expectations for more aggressive measures.
In the U.S., a report by Standard & Poor’s with Case-Shiller said its house price index rose at an annualized rate of 2.0% in August from a year earlier, slightly better than expectations for a 1.9% increase.
EUR/USD hit 1.2960 during U.S. morning trade, the pair’s highest since Thursday; the pair subsequently consolidated at 1.2966, gaining 0.48%.
The pair was likely to find support at 1.2885, the session low and a two-week low and resistance at 1.3022, the high of October 25.
The single currency found support after Italy saw borrowing costs fall to the lowest level since May 2011 at an auction of five- and ten-year government bonds.
Earlier Tuesday, concerns over the economic impact of the euro zone’s crisis deepened after official data showed that the number of unemployed in Germany rose by 20,000 in October, compared to expectations for an increase of 10,000.
The unemployment rate ticked up to 6.9%, matching September’s rate, which was revised up from 6.8%.
Elsewhere, official data showed that the Spanish economy contracted by 0.3% in the third quarter, compared to expectations for a 0.4% contraction, extending the recession into a fourth quarter.
The data came one day after Spanish Prime Minister Mariano Rajoy said he would request a bailout "when I think it is in the interests of Spain".
The euro was higher against the pound and the yen, with EUR/GBP up 0.24% to 0.8067 and EUR/JPY rising 0.22% to 103.19.
The euro was lower against the yen earlier in the session after fresh easing steps by the Bank of Japan disappointed market expectations for more aggressive measures.
In the U.S., a report by Standard & Poor’s with Case-Shiller said its house price index rose at an annualized rate of 2.0% in August from a year earlier, slightly better than expectations for a 1.9% increase.