Investing.com - The euro was little changed against the dollar on Monday after data on Friday showing that U.S. new home sales fell last month added to uncertainty over when the Federal Reserve may start to phase out stimulus measures.
EUR/USD hit 1.3393 during late Asian trade, the session high; the pair subsequently consolidated at 1.3381, inching up 0.03%.
The pair was likely to find support at 1.3322, Friday’s low and resistance at 1.3426, the high of August 21.
The Commerce Department said U.S. new home sales fell by a larger-than-forecast 13.4% in July, the largest decline in more than three years.
The weak data sparked concerns over the strength of the recovery in the housing sector and fuelled speculation over whether the Fed will start to scale back its USD85 billion-a-month asset purchase program in September.
The euro remained supported after a senior European Central Bank policymaker said Friday he did not see many arguments for a rate cut following a recent series of improved economic data from the region.
The euro was steady against the pound, with EUR/GBP dipping 0.01% to 0.8592 and was lower against the yen, with EUR/JPY down 0.23% to 131.76.
Investors were looking ahead to U.S. data on durable goods orders later in the day, while trade was expected to remain thin with markets in the U.K. closed for a national holiday.
