Forexpros – The euro dipped against the U.S. dollar on Tuesday, but remained close to a two-month high, amid renewed uncertainty over the outlook for global growth ahead of the release of minutes from the most recent Federal Reserve policy-setting meeting.
EUR/USD hit 1.4497 during late Asian trade, the daily low; the pair subsequently consolidated at 1.4501, slipping 0.06%.
The pair was likely to find support at 1.4330, last Friday’s low and resistance at 1.4577, the high of July 4.
The euro gained against the dollar on Monday after official data showed that U.S. consumer spending rose at the fastest rate in five months in July and after Fed Chairman Ben Bernanke said Friday that there was no need for an immediate round of additional stimulus but left options open.
Also Monday, European Central Bank President Jean-Claude Trichet said that growth in the euro zone could be weaker than expected in the months ahead, indicating that the central bank may keep interest rates on hold for the rest of this year.
The euro was also fractionally lower against the pound, with EUR/GBP dipping 0.01% to hit 0.8841.
Later in the day, the U.S. was to release data on consumer confidence as well as an industry report on house price inflation. In addition, the Federal Reserve’s Open Market Committee was to publish the minutes of its August meeting.
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