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Forex - EUR/USD edges higher with German, E.Z. data on tap

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Investing.com -

Investing.com - The euro edged higher against the U.S. dollar on Tuesday, as sentiment on the greenback remained vulnerable after a string of downbeat U.S. data, while investors eyed upcoming reports on German consumer sentiment and inflation in the euro zone.

EUR/USD hit 1.0599 during late Asian trade, the session high; the pair subequently consolidated at 1.0592, adding 0.23%.

The pair was likely to find support at 1.0456, Monday's low and a 12-year low and resistance at 1.0683, the high of March 12.

Official data on Monday showed that U.S. industrial production rose just 0.1% in February, falling short of expectations for a 0.2% gain, while manufacturing output dipped 0.1%.

Another report showed that manufacturing activity growth in New York State slowed in March for a second straight month as new orders fell.

The data came after the U.S. Department of Labor reported on Friday that producer prices fell 0.5% last month, while the University of Michigan said that its consumer sentiment index fell to a four-month low this month.

Meanwhile, the euro found some support after Italy's central bank governor expressed concerns on Monday over that the pace of the currency's fall since the ECB launched its trillion-euro quantitative easing program early last week.

He added that there were risks the program could overshoot its goal, as well as fuel an excessive rise in asset prices.

The single currency was also higher against the pound, with EUR/GBP edging up 0.18% to 0.7138.

Later in the day, the ZEW Institute was to release a report on German economic sentiment, as well as revised data on consumer inflation.

The U.S. was to report on building permits and housing starts.

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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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