Investing.com - The dollar edged lower against the euro on
Friday after data revealed the U.S. economy picked up fewer
payrolls in July than markets were hoping.
In U.S. trading, EUR/USD was up 0.30% at 1.3431, up from a
session low of 1.3378 and off a high of 1.3445.
The pair was likely to find support at 1.3367, Wednesday's low,
and resistance at 1.3445, the session high.
The Labor Department reported earlier that the U.S. economy
added 209,000 jobs in July, missing expectations for an increase of
233,000. The number of jobs added in June was revised up to a
298,000 gain from a previously estimated rise of 288,000.
The report also showed that the U.S. unemployment rate ticked up
to 6.2% last month from 6.1% in June. Analysts had expected the
rate to remain unchanged in July.
Investors avoided the dollar on the data to reexamine how much
time will past from when the Federal Reserve will wind down its
bond-buying stimulus program and when it will begin hiking
benchmark interest rates.
While the economy is improving, the Fed noted in its July
statement on interest rates this week that slackness remains in the
Elsewhere, the revised Thomson Reuters/University of Michigan
consumer sentiment index rose to 81.8 in July from 81.3 in June,
missing expectations for a reading of 82.0, which added to Friday's
Separately in the U.S., the Institute of Supply Management
reported that the U.S. manufacturing purchasing managers' index
rose to 57.1 in July from 55.3 in June, beating expectations for an
increase to 56.0, though investors avoided the greenback due to
jobs and sentiments reports.
Meanwhile in Europe, the Markit research group said that
Germany's manufacturing purchasing managers' index fell to 52.4
last month from 52.9 in June. Analysts had expected the index to
For the entire euro zone, Markit said the manufacturing PMI
ticked down to 51.8 in July, from a reading of 51.9 the previous
month. Analysts had also expected the index to remain
Elsewhere, the euro was up against the pound, with EUR/GBP up
0.62% at 0.7979, and flat against the yen, with EUR/JPY unchanged
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