Investing.com

Investing.com - The euro was slightly lower against the dollar on Tuesday following the release of mixed U.S. economic data as expectations that the Federal Reserve will continue to roll back stimulus measures underpinned dollar demand.



EUR/USD hit 1.3629, the lowest since January 23 and was last down 0.12% to 1.3657.



The pair was likely to find support at 1.3600 and resistance at 1.3715, Monday’s high.



Data release on Tuesday showed that U.S. consumer confidence rose to a five-month high in January, while a separate report showed that U.S. durable goods orders fell unexpectedly in December.



The Conference Board said its index of consumer confidence improved to 80.7 this month from a downwardly revised 77.5 in December. Analysts had expected the index to rise to 78.1.



Durable goods orders tumbled 4.3% last month the Commerce Department said, confounding expectations for a 1.8% gain. Orders for durable goods in November were revised to a 2.6% increase from a previously reported gain of 3.4%.



Core durable goods orders, excluding volatile transportation items, fell 1.6% in December, the largest drop since March, compared to forecasts for a 0.5% increase.



Orders for core capital goods, a key barometer of private-sector business investment, fell 1.3% last month, confounding expectations for a 0.5% gain and after rising 2.6% in November.



The reports did little to alter expectations that the Fed will continue to reduce stimulus measures.



Investors were anticipating Wednesday’s policy statement by the U.S. central bank amid expectations that the Fed will cut its asset purchase program by another $10 billion, to $75 billion per month.



The central bank announced the first cut to its stimulus program in December.



The euro was higher against the yen, with EUR/JPY rising 0.25% to 140.57 and was slightly lower against the pound, with EUR/GBP slipping 0.11% to 0.8234.



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