Investing.com - " The euro gained against the dollar on Monday
after investors sold the greenback for profits after
better-than-expected jobs and growth data released last week sent
the U.S. currency posting hefty gains.
In U.S. trading on Monday, EUR/USD was up 0.34% at 1.3409, up from
a session low of 1.3345 and off from a high of 1.3413.
The pair was likely to find support at 1.3298, Thursday's low, and
resistance at 1.3548, Wednesday's high.
On Friday, the Bureau of Labor Statistics reported that the U.S.
economy added 204,000 jobs in October, far surpassing expectations
for a 125,000 increase.
A day earlier, official data showed that the U.S. economy grew 2.8%
on year in the third quarter, well beyond expectations for 2.0%
The figures fueled market sentiments that the Federal Reserve could
soon announce plans to scale back its USD85 billion in monthly
asset purchases, which drive down borrowing costs to spur recovery,
weakening the greenback as a side effect.
Profit taking kicked in on Monday, especially after investors
concluded that the Fed may likely leave its stimulus policies
unchanged until Janet Yellen takes the helm of the U.S. central
bank and holds her first policy meeting in March.
Further fueling profit taking were concerns that fewer high-quality
jobs are being created when compared to retail, leisure and
The session saw little in the way of economic indicators on both
sides of the Atlantic on Monday.
Elsewhere, the single currency was up against the pound and up
against the yen, with EUR/GBP trading up 0.53% at 0.8390 and
EUR/JPY trading up 0.45% at 133.02.
On Tuesday, Germany will release inflation data while the Federal
Reserve Bank of Chicago will release its Chicago Fed National
offers an extensive set of professional tools for the financial
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