Investing.com – The euro slipped against the U.S. dollar on Wednesday, treading water above a 4-year low amid growing fears that the euro zone sovereign debt crisis will spread to the region's banking system.
EUR/USD shed 0.16% to hit 1.221 during late Asian trade, close to Tuesday's 4-year low of 1.2111. The pair was likely to find short-term support at 1.2111 and resistance at 1.2453, Friday's high.
According to Reuters, traders said euro selling pressure was likely to continue as the market grows more confident that the U.S. economy is in much better shape than Europe's.
The single European currency tumbled versus sterling, meanwhile, with EUR/GBP dropping 0.67% to reach 0.8293.
Later in the day, an industry group was due to release a report on U.S. pending home sales, a leading indicator of economic health. The report, which excludes new construction, measures the change in the number of homes under contract to be sold but still awaiting the closing transaction.
EUR/USD shed 0.16% to hit 1.221 during late Asian trade, close to Tuesday's 4-year low of 1.2111. The pair was likely to find short-term support at 1.2111 and resistance at 1.2453, Friday's high.
According to Reuters, traders said euro selling pressure was likely to continue as the market grows more confident that the U.S. economy is in much better shape than Europe's.
The single European currency tumbled versus sterling, meanwhile, with EUR/GBP dropping 0.67% to reach 0.8293.
Later in the day, an industry group was due to release a report on U.S. pending home sales, a leading indicator of economic health. The report, which excludes new construction, measures the change in the number of homes under contract to be sold but still awaiting the closing transaction.