Forex News
May 14, 2013 @ 1:31 pm

Euro lower on news out of EcoFin meeting and disappointing German data

The euro slid lower against the dollar on Tuesday after disappoint German investor morale highlighted a slower economic recovery.

Despite a larger-than-expected increase in industrial production data from the euro zone and other positive news of a strong response to a Spanish debt sale, the euro was unable to hold its upward move early in the European session and began to drop.

Accelerating the decline was news from the EcoFin meeting in Brussels where euro zone financial ministers are discussing a banking union.

There were comments that most European officials were in favour of a so-called “bail-in”, meaning a “haircut” on depositors in the event of a need to rescue banks in a euro zone country.

EURUSD gave up earlier gains and was down 0.15 percent to $1.2955, well below a session high of $1.3030 and not far from a five-week low of $1.2935.

EURJPY was down 0.4 percent at 131.765 yen.

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