Investing.com - 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.
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