Forex - Dollar little changed against euro and yen
Investing.com
Published Mar 25, 2014 03:36AM ET
Dollar steady against euro and yen
Investing.com - The dollar was almost unchanged against the euro and the yen on Tuesday after ending Monday’s session lower against the euro following a disappointing U.S. manufacturing report.
EUR/USD was trading at 1.3839, up from Monday’s lows of 1.3759.
The pair was likely to find support at 1.3700 and resistance at 1.3875, Monday’s high.
The dollar slid against the euro after a report showed that the preliminary reading of the Markit U.S. manufacturing index came in at 55.5 in March, down from 57.1 in February.
The data indicated that the U.S. economy is still struggling to gain traction in the wake of a weather induced slowdown.
The dollar strengthened against the other major currencies last week after Federal Reserve Chair Janet Yellen indicated that the bank could begin to raise interest rates early next year.
Market sentiment remained subdued after a report on Monday showed that Chinese manufacturing activity deteriorated for a third successive month in March.
The dollar edged lower against the yen, with USD/JPY dipping 0.04% to 102.20, holding below Monday’s highs of 102.63.
Elsewhere, the euro was slightly lower against the yen, with EUR/JPY slipping 0.10% to 141.34.
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Written By: Investing.com
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