Investing.com - The euro edged lower against the dollar on Tuesday, after strong U.S. service sector data on Monday saw investors reassess expectations on when the Federal Reserve may start to unwind its asset purchase program.
EUR/USD hit 1.3233 during late Asian trade, the session low; the pair subsequently consolidated at 1.3247, dipping 0.07%.
The pair was likely to find support at 1.3208, the low of July 31 and resistance at 1.3299, Monday’s high.
The dollar was boosted after data on Monday showed that activity in the U.S. services sector expanded at the fastest rate in five months in July.
The Institute of Supply Management said its non-manufacturing
purchasing manager's index rose to 56.0 from a three year low of 52.2 in June, as new orders jumped.
The data help offset the latest U.S. jobs report which showed that the U.S. economy added 162,000 jobs in July, less than the 184,000 increase forecast by economists.
The euro was slightly higher against the pound and the yen, with EUR/GBP easing up 0.06% to 0.8638 and EUR/JPY rising 0.13% to 1.2310.
Elsewhere, the single currency was lower against the Australian dollar, with EUR/AUD down 0.68% to 1.4748 after the Reserve Bank of Australia cut interest rates to a record low 2.5%.
Germany was to release official data on factory orders later Monday and the U.S. was to produce data on the trade balance.
EUR/USD hit 1.3233 during late Asian trade, the session low; the pair subsequently consolidated at 1.3247, dipping 0.07%.
The pair was likely to find support at 1.3208, the low of July 31 and resistance at 1.3299, Monday’s high.
The dollar was boosted after data on Monday showed that activity in the U.S. services sector expanded at the fastest rate in five months in July.
The Institute of Supply Management said its non-manufacturing
purchasing manager's index rose to 56.0 from a three year low of 52.2 in June, as new orders jumped.
The data help offset the latest U.S. jobs report which showed that the U.S. economy added 162,000 jobs in July, less than the 184,000 increase forecast by economists.
The euro was slightly higher against the pound and the yen, with EUR/GBP easing up 0.06% to 0.8638 and EUR/JPY rising 0.13% to 1.2310.
Elsewhere, the single currency was lower against the Australian dollar, with EUR/AUD down 0.68% to 1.4748 after the Reserve Bank of Australia cut interest rates to a record low 2.5%.
Germany was to release official data on factory orders later Monday and the U.S. was to produce data on the trade balance.