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by ForexNewsNow Team on October 12, 2010

Euro declines vs dollar as Europe industrial production eyed

EUR USD analysis - euros and dollarsNEW YORK (Forex News Now) – The euro extended its decline against the dollar into a second day on Tuesday, as FX traders awaited an important report on industrial production in the euro zone due the following day.

In early European currency market trading, EUR/USD hit 1.3807, a 4-day low. The pair later rose slightly to trade at 1.3839, down 0.27 on the day.

Eurostat, the EU statistics agency, was expected to say on Wednesday that euro zone industrial production rose 0.7 percent in August from a month earlier, two online FX trading news outlets reported.

According to EUR USD analysis, EUR/USD was likely to touch support around the low of Oct. 5, 1.3637, and encounter resistance around the high of Oct. 7, 1.4029.

The euro’s losses also came ahead of data from the United States on import prices in September on Wednesday. The U.S. was also to publish its monthly Federal budget statement for the month on Wednesday.

Elsewhere, the euro slid versus sterling: EUR/GBP traded at 0.8714, down 0.28 percent, according to intraday analysis.

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