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Forex - EUR/USD pushes lower after positive U.S. data

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Investing.com - The euro pushed lower against the U.S. dollar in thin trade on Monday, as the release of positive U.S. data lent support to the greenback ahead of the Federal Reserve's upcoming policy meeting.

EUR/USD hit 1.3274 during late Asian trade, the session low; the pair subsequently consolidated at 1.3275, easing 0.04%.

The pair was likely to find support at 1.3166, the low of July 25 and resistance at 1.3359, the high of June 12 and an almost four-month high.

Industry data showed tha U.S. pending home sales fell 0.4% in June, less than the expected 1% decline, after a 5.8% rise the previous month.

The data came as markets were jittery ahead of the Fed's upcoming policy meeting, after mixed U.S. economic reports last week fuelled further uncertainty over whether the central bank will soon begin to scale back its bond-buying program.

The euro was fractionally higher against the pound with EUR/GBP adding 0.08%, to hit 0.8638.

Also Monday, the Confederation of British Industry said that its index of realized sales rose more-than-expected in July, advancing to 17 from a reading of 1 the previous month. Analysts had expected the index to rise to 10 last month.

Separately, the Bank of England said net lending to individuals rose to GBP1.5 billion in June, from GBP1.2 billion the previous month.

Analysts had expected net lending to individuals to rise to GBP1.4 billion last month.

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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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