The single currency lost ground against the US dollar during Wednesday trade, with market players focusing on crucial employment report by ADP, expected within the next 30 minutes.
EUR/USD pair fell down to 1.3053 during late European session, lowest for today, after which consolidation followed at levels around 1.3070. The cross was likely to receive support at Tuesday low, 1.3041, while resistance was to be met at May 9th high, 1.3176.
Market sentiment was dominated by anticipation of the ADP private sector employment report from the United States later today, which may present clues on non-farm payrolls data on Friday. Another crucial indicator, awaited by investors today, is the ISM Non-Manufacturing Composite index.
Previously, euro currency dropped off session high versus the US dollar, after official data showed that the Final Services PMI in the Euro zone declined to 47.2 during May, below expectations for a value of 47.5 and slowing down, compared to the previous month reading, 47.5.
Additionally, it became clear that Retail Sales indicator in the single currency zone dropped by 0.5% during April on a monthly basis, mismatching projections for a 0.2% drop, while the revised data from the previous period showed a decrease by 0.2%. On annual basis, Retail Sales in the Euro zone recorded a 1.1% lower value during April, below projections that the drop would be 0.8%, but improving in comparison with the preceding period revised data, which stated a 2.2% decrease.
The euro was trading on lower levels versus the Japanese yen as well, with EUR/JPY down by 0.71% to 129.94.
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