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Euro dips below $1.34
The euro has lost ground to the US dollar overnight as tensions between Brussels and Russia remain high.
The euro is trading at $1.3393, after subdued overnight trading along with a lack of newsflow left many traders sitting on their hands. The sanctions that are in place will ultimately hurt many eurozone countries, but the main fear is that energy supplies could be cut. A number of countries like Germany depend heavily on Russian energy which flows via Ukraine.
Tomorrow, Germany will report the ZEW economic sentiment; its factory orders and industrial production data were disappointing last week, so I doubt investor confidence will be high given the uncertainty in the region.
A weak ZEW report or energy concerns could push the euro to $1.3340 with $1.3420 acting as resistance.