Investing.com - The euro pulled back from a two-week low against the U.S. dollar on Thursday, but gains looked likely to remain limited after a weak Spanish bond auction sparked fresh concerns over the sovereign debt crisis in the euro zone.
EUR/USD hit 1.3164 during late Asian trade, the session high; the pair subsequently consolidated at 1.3162, gaining 0.16%.
The pair was likely to find support at 1.3106, Wednesday’s low and resistance at 1.3238, Wednesday’s high.
On Wednesday, Spain’s Treasury auctioned EUR2.59 billon of government bonds, short of the maximum targeted amount of EUR3.5 billion, one day after the government announced that the country’s public debt will rise to a record 79.8% of gross domestic product this year.
Meanwhile, concerns over the outlook for growth in the euro zone mounted following a flurry of weak economic data.
The dollar remained supported by diminished expectations for another round of easing from the Federal Reserve, and after data on Wednesday showed that the U.S. private sector added more jobs than expected in March.
Payroll processing firm ADP reported that the U.S. private sector added 209,000 jobs last month, outstripping expectations for an increase of 200,000.
The euro edged higher against the pound, with EUR/GBP easing up 0.09% to hit 0.8278 but dipped against the yen, with EUR/JPY inching down 0.03% to hit 108.34.
Later in the day, Germany was to publish official data on industrial production, while the U.S. was to publish government data on unemployment claims.
EUR/USD hit 1.3164 during late Asian trade, the session high; the pair subsequently consolidated at 1.3162, gaining 0.16%.
The pair was likely to find support at 1.3106, Wednesday’s low and resistance at 1.3238, Wednesday’s high.
On Wednesday, Spain’s Treasury auctioned EUR2.59 billon of government bonds, short of the maximum targeted amount of EUR3.5 billion, one day after the government announced that the country’s public debt will rise to a record 79.8% of gross domestic product this year.
Meanwhile, concerns over the outlook for growth in the euro zone mounted following a flurry of weak economic data.
The dollar remained supported by diminished expectations for another round of easing from the Federal Reserve, and after data on Wednesday showed that the U.S. private sector added more jobs than expected in March.
Payroll processing firm ADP reported that the U.S. private sector added 209,000 jobs last month, outstripping expectations for an increase of 200,000.
The euro edged higher against the pound, with EUR/GBP easing up 0.09% to hit 0.8278 but dipped against the yen, with EUR/JPY inching down 0.03% to hit 108.34.
Later in the day, Germany was to publish official data on industrial production, while the U.S. was to publish government data on unemployment claims.