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EUR/USD remains lower on ECB expectations, shrugs off U.S. jobs data

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Shutterstock photo - - The euro traded lower against the dollar on Friday despite a lackluster U.S. jobs report, as expectations for the European Central Bank to loosen policy sooner or later weighed on the single currency.

In U.S. trading, EUR/USD was down 0.14% at 1.3701, up from a session low of 1.3673 and off a high of 1.3731.

The pair was likely to find support at 1.3643, the low from Feb. 27, and resistance at 1.3820, Wednesday's high.

In the U.S. earlier, the Department of Labor reported that the U.S. economy added 192,000 jobs in March, missing expectations for a 200,000 increase. February's figure was revised up to a 197,000 rise from a previously estimated 175,000 increase, while January's figure rose to 144,000 from 129,000.

The private sector added 192,000 jobs last month, below expectations for a 195,000 rise, while February's figure was revised up to 188,000 jobs added from a previously estimated 162,000 increase.

The report also showed that the U.S. unemployment rate remained unchanged at 6.7% last month compared to expectations for a 6.6% reading.

While lackluster, the numbers were not disappointing enough to sway investors' focus from the European Central Bank.

On Thursday, the ECB left its benchmark interest rate unchanged at a record-low 0.25%, held its marginal lending rate at 0.75% and left its deposit facility rate unchanged at zero.

ECB President Mario Draghi said monetary authorities did not exclude further monetary policy easing and reiterated the ECB's forward guidance that interest rates will remain at their current levels, or lower, for an extended period.

He added the ECB's governing council was "unanimous" in its commitment to using all unconventional instruments within its mandate to ward off deflationary pressures and added that the bank discussed the possibility of negative deposit rates.

Elsewhere on Friday, official data revealed that German factory orders rose 0.6% in February, beating expectations for a 0.1% gain. Factory orders in January were revised down to a 0.1% increase from a previously estimated 1.2% rise.

The euro was down against the pound, with EUR/GBP down 0.08% to 0.8260, and down against the yen, with EUR/JPY down 0.67% at 141.62. offers an extensive set of professional tools for the financial markets.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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