Investing.com - The euro gained against the dollar in a quiet
session on Monday as investors as avoided the greenback due to
Friday's soft jobs report, though losses were slight as the jobs
numbers weren't viewed as weak enough to alter the Federal
Reserve's stimulus tapering.
In U.S. trading, EUR/USD was trading at 1.3642, up 0.05%, up
from a session low of 1.3553 and off a high of 1.3652.
The pair was likely to find support at 1.3483, Thursday's low,
and resistance at 1.3717, the high from Jan. 27.
The U.S. Labor Department reported on Friday that the economy
added 113,000 jobs in January, less than an expected 185,000
While soft, the numbers weren't seen as weak enough to prompt
the Fed to seriously delay tapering its USD65 billion in monthly
bond purchases, which weaken the dollar to spur recovery by
suppressing long-term interest rates.
Still, uncertainty surrounding the pace at which the Fed will
taper due to soft economic indicators weakened the dollar in a
session void of major economic indicators.
Investors also remained on the sidelines ahead of Federal
Reserve Chair Janet Yellen's congressional testimony on
Meanwhile, the single currency remained under pressure after
Germany's constitutional Court ruled at the end of last week that
the European Central Bank's bond-buying program may exceed its
mandate, and referred it to European Court of Justice.
Markets shrugged off data released earlier revealing that French
industrial production fell 0.3% in December, compared to
expectations for a 0.1% uptick. Industrial production in November
was revised down to a 1.2% increase from a previously estimated
The euro was up against the pound, with EUR/GBP gaining 0.08% to
0.8315, and down against the yen, with EUR/JPY trading down 0.07%
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