Forex - Euro slips lower versus dollar

The euro slipped lower against the dollar on Wednesday, but losses were limited as the threat of military intervention in Syria receded, while optimism over an economic recovery in China supported market sentiment.

EUR/USD hit 1.3231 during late Asian trade, the session low; the pair subsequently consolidated at 1.3251, shedding 0.11%.

The pair was likely to find support at 1.3200 and near-term resistance at 1.3281, the session high.

On Tuesday, President Barack Obama agreed to explore a plan proposed by Russia for Syria to place its chemical weapons under international control in order to avoid a U.S. military strike.

Optimism over a recovery in China continued to support risk appetite, after improved data on retail sales, industrial production and exports earlier in the week added to signs that the world’s second largest economy is recovering from a slowdown.

The euro was also slightly lower against the pound and the yen, withEUR/GBP sliding 0.08% to 0.8427 and EUR/JPY down 0.18% to 132.95.

The U.K. was to release data on employment later in the trading day.