Investing.com – The euro was down against the U.S. dollar on Thursday, tumbling to a 5-week low, as ongoing fears over sovereign debt problems in peripheral euro zone nations weighed on the single currency.
EUR/USD hit 1.3658 during European afternoon trade, the pair’s lowest since October 5; the pair subsequently consolidated at 1.3682, tumbling 0.73%.
The pair was likely to find support at 1.3559, the low of September 30, and resistance at 1.3825, Wednesday’s high.
Earlier in the day, market research group Markit said that Irish borrowing costs rose to an all-time high, while the cost of insuring Portuguese and Spanish debt against default rose to record highs as well.
According to the research group, the spread between Irish 10-year bond yields and those of German benchmarks rose to a record high for the ninth consecutive day.
Speaking at the Group of 20 world economic summit in South Korea, European Commission President Jose Manuel Barroso said that European officials were closely monitoring developments in Ireland, while adding that the region has “all the essential instruments in place to act if necessary”.
The euro was also down against the pound, with EUR/GBP falling 0.84% to hit 0.8477.
Also Thursday, official data showed that Greece’s unemployment rate increased to a record high in August, while Spain’s gross domestic product was flat in the third-quarter, widely in line with expectations.
EUR/USD hit 1.3658 during European afternoon trade, the pair’s lowest since October 5; the pair subsequently consolidated at 1.3682, tumbling 0.73%.
The pair was likely to find support at 1.3559, the low of September 30, and resistance at 1.3825, Wednesday’s high.
Earlier in the day, market research group Markit said that Irish borrowing costs rose to an all-time high, while the cost of insuring Portuguese and Spanish debt against default rose to record highs as well.
According to the research group, the spread between Irish 10-year bond yields and those of German benchmarks rose to a record high for the ninth consecutive day.
Speaking at the Group of 20 world economic summit in South Korea, European Commission President Jose Manuel Barroso said that European officials were closely monitoring developments in Ireland, while adding that the region has “all the essential instruments in place to act if necessary”.
The euro was also down against the pound, with EUR/GBP falling 0.84% to hit 0.8477.
Also Thursday, official data showed that Greece’s unemployment rate increased to a record high in August, while Spain’s gross domestic product was flat in the third-quarter, widely in line with expectations.