The euro was almost unchanged against the U.S. dollar on Monday, as
Friday's disappointing U.S. data continued to weigh on demand for the
greenback, while caution ahead of the European Central Bank's policy meeting this week held the euro in check.
EUR/USD hit 1.3620 during late Asian trade, the
session low; the pair subsequently consolidated at 1.3631, inching down 0.02%.
The pair was likely to find support at 1.3586, the low of May 25 and resistance at 1.3668, the high of May 27.
Data
on Friday showed that U.S. consumer spending fell 0.1% in April from a
month earlier, missing forecasts for a 0.2% increase. Personal income
rose 0.3%, in line with forecasts.
Separately, the final reading
of the University of Michigan's consumer-sentiment index for May came in
at 81.9, up slightly from a preliminary reading of 81.8, but falling
short of forecasts for 82.5.
In the euro zone, data on Friday
showing that the annual rate of inflation in Italy and Spain slowed in
May added to expectations that the ECB will take steps to tackle low
consumer price growth, which is threatening the fragile recovery in the
single currency bloc.
The euro was steady against the pound, with EUR/GBP easing up 0.02% to 0.8139.