Forex Pros – The euro was down against the U.S. dollar on Tuesday, dropping to a two-day low as ongoing tensions in the Middle East and North Africa drove investors towards the safety of the greenback.
EUR/USD hit 1.3556 during late Asian trade, the pair’s lowest since February 18; the pair subsequently consolidated at 1.3565, slumping 0.83%.
The pair was likely to find support at 1.3461, the low of February 16 and resistance at 1.3714, Monday’s high.
In Libya, scores of anti-government protesters were killed on Monday in the nation’s second biggest city, Benghazi, while unrest spread to the capital Tripoli for the first time since clashes started.
According to media reports, the General People’s Congress in Tripoli, where the country’s parliament meets was set on fire Monday morning.
Meanwhile, the son of leader Muammar Qaddafi called on protesters to engage in dialogue or face a civil war that risks “hundreds of thousands of dead.”
In addition to Libya, anti-government demonstrations continued in several other nations in the Mideast and North Africa, including Bahrain, Yemen, Iran and Morocco.
Meanwhile, the euro slumped against the pound, with EUR/GBP shedding 0.43% to hit a two-day low of 0.8394.
Earlier in the day, market research group Gfk said its index of Germany’s consumer climate advanced to 6.0 in March, after rising to a revised 5.8 in February. Analysts had expected the index to remain unchanged at 5.8 in March.
Meanwhile, the U.S. was to publish data on consumer confidence compiled by the Conference Board as well as industry data on house prices and a report on manufacturing activity in Richmond.
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