Forexpros – The euro was lower against the U.S. dollar on Monday, as concerns over the ongoing debt crisis in the euro zone lingered while speculation that a U.S. congressional committee was likely to announce that it failed to agree on deficit cuts also weighed.
EUR/USD hit 1.3484 during late Asian trade, the daily low; the pair subsequently consolidated at 1.3492, slipping 0.23%.
The pair was likely to find support at 1.3428, the low of November 17 and resistance at 1.3613, Friday’s high.
In Spain, the center-right opposition People’s Party won a crushing election victory and was expected to push through drastic austerity measures to try shore up the country’s economy, and regain the country’s triple A credit rating.
Meanwhile, the U.S.’s deficit-cutting congressional supercommittee was expected to announce it has failed to reach agreement on at least USD1.2 trillion in federal budget savings.
The euro was slightly higher against the pound, with EUR/GBP rising 0.13% to hit 0.8569.
Later in the day, the U.S. was to publish industry data on existing home sales.
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