Forex - EUR/USD edges higher but remains under pressure

The euro edged higher against the U.S. dollar on Tuesday, as investors awaited the release of German data later in the day, but the single currency remained under pressure amid sustained global growth concerns. 

EUR/USD hit 1.3114 during late Asian trade, the session high; the pair subsequently consolidated at 1.3075, adding 0.30%. 

The pair was likely to find support at 1.3006, the low of April 9 and resistance at 1.3127, the high of April 12. 

Sentiment remained under pressure after official data showed that the Chinese economy expanded by 7.7% year-on-year in the three months to March, down from 7.9% in the fourth quarter and undershooting expectations for 8.0% growth.

Separate reports showed that Chinese industrial production also came in below expectations, while retail sales rose slightly more than forecast.

The data reinforced concerns over the outlook for global growth after data on Friday showed that U.S. retail sales fell 0.4% in March, the largest decline in nine months, while a report on Monday showed that the Empire State manufacturing index fell to 3.1 in April, from a reading of 9.2 the previous month. 

The euro was higher against the pound with EUR/GBP edging up 0.15%, to hit 0.8542. 

Later in the day, the euro zone was to publish official data on consumer inflation, while the ZEW Institute was to release its closely watched report on German economic sentiment.

The U.S. was to publish official data on building permits and on housing starts, followed by reports on consumer inflation, industrial production and the capacity utilization rate. 

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