Investing.com – The euro edged up against the U.S. dollar on Tuesday, pulling away from Monday’s six-week low but gains were limited amid ongoing concerns that Greece may have to restructure its debt.
EUR/USD hit 1.4193 during late Asian trade, the daily high; the pair subsequently consolidated at 1.4190, gaining 0.24%.
The pair was likely to find support at 1.4047, Monday’s low and resistance at 1.4339, last Friday’s high.
The euro found support after Portugal's EUR78 billion bailout was approved by European Union finance ministers on Monday. The country will receive aid as part of the deal from the International Monetary Fund.
Also Monday, official data showed that inflation in the euro zone reached a 30-month high of 2.8% year-on-year in April, which underlined the view that the European Central Bank is likely to tighten policy ahead of the Federal Reserve.
The euro was fractionally higher against the pound, with EUR/GBP easing up 0.02% to hit 0.8745.
Later in the day, the ZEW Centre for Economic Research was to publish a report on German economic sentiment, while the U.S. was to publish official data on building permits and housing starts. The country was also to publish government data on the capacity utilization rate and industrial production.
EUR/USD hit 1.4193 during late Asian trade, the daily high; the pair subsequently consolidated at 1.4190, gaining 0.24%.
The pair was likely to find support at 1.4047, Monday’s low and resistance at 1.4339, last Friday’s high.
The euro found support after Portugal's EUR78 billion bailout was approved by European Union finance ministers on Monday. The country will receive aid as part of the deal from the International Monetary Fund.
Also Monday, official data showed that inflation in the euro zone reached a 30-month high of 2.8% year-on-year in April, which underlined the view that the European Central Bank is likely to tighten policy ahead of the Federal Reserve.
The euro was fractionally higher against the pound, with EUR/GBP easing up 0.02% to hit 0.8745.
Later in the day, the ZEW Centre for Economic Research was to publish a report on German economic sentiment, while the U.S. was to publish official data on building permits and housing starts. The country was also to publish government data on the capacity utilization rate and industrial production.