Investing.com - The euro slipped to a session low against the U.S. dollar on Thursday, as European leaders kicked off a two-day summit where a possible bailout for Spain and Greece’s aid package are likely to feature on the agenda.
EUR/USD hit 1.3079 during U.S. morning trade, the session low; the pair subsequently consolidated at 1.3092, down 0.19%.
The pair was likely to find support at 1.2942, Tuesday’s low and near-term resistance at 1.3138, Wednesday’s high and a one-month high.
Market sentiment was hit after the U.S. Department of Labor said the number of individuals filing for initial jobless benefits last week rose by 46,000 to a seasonally adjusted 388,000, compared to expectations for an increase to 365,000.
The previous week’s figure was revised up to 342,000 from a previously reported 339,000, which was the lowest reading since February 2008.
A separate report showed that manufacturing activity in Philadelphia expanded for the first time in six months in October.
The Federal Reserve Bank of Philadelphia said its manufacturing index improved to 5.7 from minus 1.9 in September and better than expectations for a reading of 1.0.
The euro remained supported after Spain saw the yield on 10-year government bonds fall to the lowest level since April at an auction of government debt earlier in the session.
Spain’s Treasury sold EUR1.51 billion worth of ten-year government bonds at an average yield of 5.45%, down from 5.66% at a similar auction last month.
The yield on three-year bonds fell to 3.22% from 3.95% last month, while the yield on four-year bonds declined to 3.97% from 4.60% in September.
Investors remained cautious as European Union leaders gathered for a two-day summit in Brussels, although no major announcements on Spain or Greece were expected.
The euro slipped lower against the pound, with EUR/GBP losing 0.11% 0.8115, but held gains against the yen, with EUR/JPY up 0.22% to 103.78.
Speaking as he arrived in Brussels earlier, French President Francois Hollande said France was ready to "move forward" on proposals agreed at June's EU summit and follow through on a pledge to provide financing for Spain "on good terms".
EUR/USD hit 1.3079 during U.S. morning trade, the session low; the pair subsequently consolidated at 1.3092, down 0.19%.
The pair was likely to find support at 1.2942, Tuesday’s low and near-term resistance at 1.3138, Wednesday’s high and a one-month high.
Market sentiment was hit after the U.S. Department of Labor said the number of individuals filing for initial jobless benefits last week rose by 46,000 to a seasonally adjusted 388,000, compared to expectations for an increase to 365,000.
The previous week’s figure was revised up to 342,000 from a previously reported 339,000, which was the lowest reading since February 2008.
A separate report showed that manufacturing activity in Philadelphia expanded for the first time in six months in October.
The Federal Reserve Bank of Philadelphia said its manufacturing index improved to 5.7 from minus 1.9 in September and better than expectations for a reading of 1.0.
The euro remained supported after Spain saw the yield on 10-year government bonds fall to the lowest level since April at an auction of government debt earlier in the session.
Spain’s Treasury sold EUR1.51 billion worth of ten-year government bonds at an average yield of 5.45%, down from 5.66% at a similar auction last month.
The yield on three-year bonds fell to 3.22% from 3.95% last month, while the yield on four-year bonds declined to 3.97% from 4.60% in September.
Investors remained cautious as European Union leaders gathered for a two-day summit in Brussels, although no major announcements on Spain or Greece were expected.
The euro slipped lower against the pound, with EUR/GBP losing 0.11% 0.8115, but held gains against the yen, with EUR/JPY up 0.22% to 103.78.
Speaking as he arrived in Brussels earlier, French President Francois Hollande said France was ready to "move forward" on proposals agreed at June's EU summit and follow through on a pledge to provide financing for Spain "on good terms".