Investing.com - 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
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
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
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.
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