Forex - EUR/USD little changed, near 7-day highs


Shutterstock photo - - The euro was little changed against the U.S. dollar on Monday, hovering near seven-day highs as markets awaited an upcoming tesimony by Federal Reserve Chairman Janet Yellen.

EUR/USD hit 1.3553 during U.S. morning trade, the session low; the pair subsequently consolidated at 1.3630, inching down 0.04%.

The pair was likely to find support at 1.3583, the low of January 16 and resistance at 1.3688, the high of January 28.

Sentiment on the dollar remained fragile after the Labor Department on Friday said the U.S. economy added 113,000 jobs in January, well below expectations for 185,000 new jobs, as inclement weather contributed to the slowdown in hiring.

The report also showed that the number of people participating in the labor force edged up to 63% from a 30-year low of 62.8% last month, while the unemployment rate unexpectedly ticked down to a five year low 6.6% from 6.7% in December.

However, the report was seen as unlikely to prompt the Fed to halt reductions in its stimulus program. The bank announced a second cut to its asset purchase program in January, trimming it to $65 billion-per-month.

Meanwhile, the single currency remained under pressure 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 on Monday showing 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 1.3% rise.

The euro was higher against the pound, with EUR/GBP edging up 0.10% to 0.8316.

Trading volumes were expected to remain light, with no U.S. economic reports to be released throughout the session. 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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