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Forex - Euro edges higher against dollar

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Investing.com -

Investing.com - The euro edged higher against the dollar on Monday, as the dollar remained under pressure after Friday's U.S. jobs report came in slightly below expectations, but the euro's gains were limited amid caution over the prospect of further stimulus measures by the European Central Bank.

EUR/USD touched session highs of 1.3731 and was last up 0.09% to 1.3714, recovering from the five-week trough of 1.3671 struck on Friday.

The pair was likely to find support at 1.3671 and resistance at 1.3730, Friday's high.

The dollar remained on the bank foot after data on Friday showed that the U.S. economy added 192,000 jobs in March, below expectations for jobs growth of 200,000. The U.S. unemployment rate remained unchanged at 6.7%, compared to expectations for a downtick to 6.6%.

The data disappointed some market expectations for a more robust reading but indicated that the Federal Reserve is likely to stick to the current pace of reductions to its asset purchase program.

The euro's gains were held in check after the European Central Bank indicated last week that unconventional monetary policy instruments may be necessary to avert the risk of ongoing low inflation in the euro zone.

Elsewhere, the euro was almost unchanged against the yen, with EUR/JPY dipping 0.06% to 141.44.

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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.


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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