Investing.com – The euro extended early losses against the U.S. dollar on Monday, falling to a fresh 4-day low amid renewed concerns over euro zone sovereign debt ahead of a visit by European Union Commissioner Olli Rehn to Dublin.
EUR/USD hit 1.3893 during European morning trade, the pair’s lowest since November 2; the pair subsequently consolidated at 1.3902, tumbling 0.93%.
Rehn was visiting the Irish capital to discuss the country's plans for fiscal austerity. The country's main opposition party said on Sunday that it would not support next month's budget after the government announced a package of EUR 15 billion in spending cuts aimed at reducing the country’s budget deficit, currently standing at 32% of GDP.
Meanwhile, in Greece Prime Minister George Papandreou shelved a threat to call an early election after his ruling Socialist party preformed strongly in local elections, increasing the chance that the country will succeed in pushing through further fiscal tightening measures.
The euro was also down against the pound, with EUR/GBP shedding 0.53% to hit 0.8623.
Earlier Monday, official data showed that German industrial production fell more-than-expected in September, down 0.8% after rising by a revised 1.5% August. Analysts had expected industrial production to rise by 0.4% in September.
EUR/USD hit 1.3893 during European morning trade, the pair’s lowest since November 2; the pair subsequently consolidated at 1.3902, tumbling 0.93%.
Rehn was visiting the Irish capital to discuss the country's plans for fiscal austerity. The country's main opposition party said on Sunday that it would not support next month's budget after the government announced a package of EUR 15 billion in spending cuts aimed at reducing the country’s budget deficit, currently standing at 32% of GDP.
Meanwhile, in Greece Prime Minister George Papandreou shelved a threat to call an early election after his ruling Socialist party preformed strongly in local elections, increasing the chance that the country will succeed in pushing through further fiscal tightening measures.
The euro was also down against the pound, with EUR/GBP shedding 0.53% to hit 0.8623.
Earlier Monday, official data showed that German industrial production fell more-than-expected in September, down 0.8% after rising by a revised 1.5% August. Analysts had expected industrial production to rise by 0.4% in September.