Investing.com – The euro stalled a 6-day rally against the U.S. dollar on Wednesday as a report that the IMF, EU and U.S. Treasury were readying a EUR 250 billion rescue package for Spain sparked fresh fears over Europe's debt crisis.
EUR/USD hit 1.2254 during European afternoon trade, a fresh daily low; the pair subsequently consolidated at 1.2285, shedding 0.35%.
The pair was likely to find support at 1.2045, last Friday’s low and resistance at 1.2562, the high of May 24.
Earlier in the day, the newspaper El Economista published the report on the liquidity plan, which was subsequently denied by the European Commission.
Also Wednesday, official data showed that U.S. producer prices fell less than expected in May, while a separate report showed that U.S. housing starts fell at a faster rate than expected in May.
The euro was also down against the pound, with EUR/GBP shedding 0.3% to hit 0.8304.
Earlier Wednesday a report showed that the annual rate of inflation in the euro zone rose in May, in line with expectations.
In a report, Eurostat, the European statistics agency, said year-on-year inflation rose 1.6% in May, up from 1.5% in April, whose figure was revised down from 1.6%.
EUR/USD hit 1.2254 during European afternoon trade, a fresh daily low; the pair subsequently consolidated at 1.2285, shedding 0.35%.
The pair was likely to find support at 1.2045, last Friday’s low and resistance at 1.2562, the high of May 24.
Earlier in the day, the newspaper El Economista published the report on the liquidity plan, which was subsequently denied by the European Commission.
Also Wednesday, official data showed that U.S. producer prices fell less than expected in May, while a separate report showed that U.S. housing starts fell at a faster rate than expected in May.
The euro was also down against the pound, with EUR/GBP shedding 0.3% to hit 0.8304.
Earlier Wednesday a report showed that the annual rate of inflation in the euro zone rose in May, in line with expectations.
In a report, Eurostat, the European statistics agency, said year-on-year inflation rose 1.6% in May, up from 1.5% in April, whose figure was revised down from 1.6%.