Investing.com – The euro remained sharply lower against the U.S. dollar on Monday, as a lack of progress on resolving the financial crisis in the euro zone and fears over a default by Greece saw investors shun the single currency.
EUR/USD hit 1.3634 during European early afternoon trade, the pair’s lowest since last Wednesday; the pair subsequently consolidated at 1.3669, tumbling 0.94%.
The pair was likely to find support at 1.3493, the low of September 12 and a seven-month low and resistance at 1.3782, last Wednesday’s high.
A meeting of European Union finance ministers over the weekend failed to make any significant headway on dealing with the debt crisis in the region.
Ministers warned that Greece may not receive the next EUR8 billion tranche of aid due next month if the government fails to meet deficit reduction targets. After the meeting, Greek Prime Minister George Papandreou canceled a planned visit to the U.S. in order to hold crisis talks at home.
Later in the day, officials from the EU and the International Monetary Fund were to hold talks with Greek Finance Minister Evangelos Venizelos to discuss extra steps Athens can take to qualify for its next tranche of aid.
The euro was also lower against the pound, with EUR/GBP shedding 0.58% to hit 0.8688.
Meanwhile, U.S. President Barack Obama was to speak about the economy, in Washington, later in the day.
EUR/USD hit 1.3634 during European early afternoon trade, the pair’s lowest since last Wednesday; the pair subsequently consolidated at 1.3669, tumbling 0.94%.
The pair was likely to find support at 1.3493, the low of September 12 and a seven-month low and resistance at 1.3782, last Wednesday’s high.
A meeting of European Union finance ministers over the weekend failed to make any significant headway on dealing with the debt crisis in the region.
Ministers warned that Greece may not receive the next EUR8 billion tranche of aid due next month if the government fails to meet deficit reduction targets. After the meeting, Greek Prime Minister George Papandreou canceled a planned visit to the U.S. in order to hold crisis talks at home.
Later in the day, officials from the EU and the International Monetary Fund were to hold talks with Greek Finance Minister Evangelos Venizelos to discuss extra steps Athens can take to qualify for its next tranche of aid.
The euro was also lower against the pound, with EUR/GBP shedding 0.58% to hit 0.8688.
Meanwhile, U.S. President Barack Obama was to speak about the economy, in Washington, later in the day.