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Forex - EUR/USD almost unchanged, ECB meeting in focus

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Investing.com -

Investing.com - The euro was almost unchanged against the U.S. dollar on Monday, as Friday's disappointing U.S. data continued to weigh on demand for the greenback, while caution ahead of the European Central Bank's policy meeting this week held the euro in check.

EUR/USD hit 1.3620 during late Asian trade, the session low; the pair subsequently consolidated at 1.3631, inching down 0.02%.

The pair was likely to find support at 1.3586, the low of May 25 and resistance at 1.3668, the high of May 27.

Data on Friday showed that U.S. consumer spending fell 0.1% in April from a month earlier, missing forecasts for a 0.2% increase. Personal income rose 0.3%, in line with forecasts.

Separately, the final reading of the University of Michigan's consumer-sentiment index for May came in at 81.9, up slightly from a preliminary reading of 81.8, but falling short of forecasts for 82.5.

In the euro zone, data on Friday showing that the annual rate of inflation in Italy and Spain slowed in May added to expectations that the ECB will take steps to tackle low consumer price growth, which is threatening the fragile recovery in the single currency bloc.

The euro was steady against the pound, with EUR/GBP easing up 0.02% to 0.8139.

Later in the day, the Institute of Supply Management was to publish a report on U.S. manufacturing activity.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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