Forex - Euro slides against dollar, approaching daily low By Investing.com

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Forex - Euro slides against dollar, approaching daily low

Published Jun 28, 2010 06:48AM ET

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Investing.com – The euro slid against the U.S. dollar on Monday, approaching its daily low after official data showed that the euro zone's M3 money supply dropped unexpectedly in May.

EUR/USD hit 1.2359 during late Asian trade, shedding 0.09%, nearing the daily low of 1.2348.

The pair was likely to find resistance at 1.2563, the high of May 24, and support at 1.2168, the low of June 15.

In a report, the EU statistics agency said M3 money supply dropped 0.2% during the month, after a drop of 0.1% in April. Economists had expected growth of 0.2% in May.

Meanwhile, the euro rose against the yen, with EUR/JPY advancing 0.03% to reach 110.4.

On Sunday, the leaders of the world's biggest economies agreed on a timetable for halving their budget deficits within three years, in a signal of their determination to now stress debt reduction after enacting spending programs to counter the global financial crisis.

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