Investing.com - The euro was almost unchanged near one-month lows against the U.S. dollar, despite the release of upbeat German data, as demand for the greenback remained broadly supported ahead of this week’s policy meeting by the Federal Reserve.
EUR/USD hit 1.0953 during European morning trade, the session low; the pair subsequently consolidated at 1.0973.
The pair was likely to find support at 1.0908, the low of June 24 and resistance at 1.1042, Friday’s high.
Data on Monday showed that the German Ifo business climate index ticked down to 108.3 in July from 108.7 in June, compared to expectations for a drop to 107.5.
Meanwhile, upbeat U.S. data released that week continued to support expectations for a rate hike by the U.S. central bank in the near future.
While most investors expect the Fed to leave its monetary policy unchanged this week, it could give hints on the timing of future rate hikes.
The euro was lower against the pound, with EUR/GBP sliding 0.31% to 0.8354.