LONDON (AFX) - The euro drifted lower in midday trade on a lack of fresh impetus, dealers said. Dealers said the euro is trading below a technical resistance of 0.9820 usd and is hovering above a support level of 0.9760-0.9740 usd.
"Technically, things are a bit difficult for the euro at the moment, and there's been a lack of news to boost it," Commerzbank currency strategist Kamal Sharma said. Dealers noted that French business confidence fell further in September, continuing the negative trend seen since June.
They also said concerns about euro zone public finances are weighing on the euro following the European Commission's release of a proposal to delay to 2006 the deadline for countries to balance their budgets. Weak US durable goods and jobless claims figures expected at 1.30 pm could arrest the euro's fall, dealers said. //www.forexdirectory.net