Forex - Euro rises to session highs against dollar


Shutterstock photo - The euro rose to session highs against the dollar on Monday amid ongoing speculation that the Federal Reserve will maintain its stimulus program until well into next year.

EUR/USD rose 0.31% to 1.3537, the highest since November 6 during U.S. morning trade, up from Friday's close of 1.3495.

The pair was likely to find support at 1.3431, Friday's low and resistance at 1.3575.

The dollar remained under pressure after Fed Chairwoman nominee Janet Yellen defended the bank's USD85 billion-a-month asset purchase program last week, saying it was "imperative" that the Fed does everything in its power to ensure a robust recovery.

The comments cemented the view that the bank will keep its easy money policies in place well into the first quarter of next year.

In the euro zone, data on Monday showed that the bloc's trade surplus widened to EUR13.1 billion in September from EUR8.6billion a year earlier. The report said exports rose 3% on a year-over-year basis, while imports were flat.

Meanwhile, Germany's central bank said in its monthly report that there is a good chance that the economic recovery in Germany will be further cemented in the coming months.

The euro was steady close to three-week highs against the yen, with EUR/JPY dipping 0.01% to 135.18.

Elsewhere, the dollar edged lower against the yen, with USD/JPY down 0.27% to 99.90, holding below the two-month high of 100.42 struck on Friday. offers an extensive set of professional tools for the financial markets.
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This article appears in: Investing Forex and Currencies
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