Investing.com - The euro slipped lower against the U.S. dollar
on Friday, as markets awaited the release of euro zone
manufacturing and service sector data due later in the day and as
concerns over last ditch negociations over Greece's debt
EUR/USD hit 1.1341 during late Asian trade, the pair's lowest
since February 18; the pair subsequently consolidated at 1.1345,
The pair was likely to find support at 1.1277, the low of
February 11 and resistance at 1.1449, the high of February 17.
Investors remained cautious after Germany rejected a proposed
bailout extension request from Greece on Thursday.
The Greek request included a pledge to maintain "fiscal balance"
for a six-month period, in order to give it time to reach a new
agreement on growth over the next four years with its partners in
the euro zone, Reuters reported.
But German Finance Minister Wolfgang Schaeuble said it was "not
a substantial proposal for a solution" and did not meet the
criteria agreed on at the euro group meeting of euro zone finance
ministers on Monday.
The European Commission had earlier welcomed the bailout
extension request, saying it could pave the way for compromise and
stability in the euro zone.
Another round of negotiations was planned at a meeting of
eurozone finance ministers on Friday.
Meanwhile, sentiment on the dollar remained vulnerable after
mixed U.S. data on Thursday sparked uncertainty over the strength
of the country's economic recovery.
The Federal Reserve Bank of Philadelphia said that its
manufacturing index deteriorated to a 12-month low of 5.2 this
month from January's reading of 6.3.
Separately, the U.S. Department of Labor said the number of
individuals filing for initial jobless benefits in the week ending
February 14 decreased by 21,000 to 283,000, compared to
expectations for a 11,000 fall to 293,000.
The euro was also lower against the pound, with EUR/GBP shedding
0.26% to 0.7356.
Later in the day, the U.S. was to release preliminary data on
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