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Forex - Euro rises to fresh highs vs. dollar, yen

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Investing.com - The euro rose to fresh six-week highs against the dollar on Tuesday and hit fresh five year peaks against the yen as risk appetite continued to be underpinned after the latest U.S. jobs report was stronger than forecast.

EUR/USD rose to highs of 1.3767, the strongest level since October 30 and was last up 0.06% to 1.3746.

The pair was likely to find support at 1.3693, Monday's low and resistance at 1.3800.

Investor confidence was boosted after data on Friday showed that the U.S. economy added more jobs than expected in November, pushing the unemployment rate down to a five year low of 7.0%.

Stronger risk appetite dampened demand for the dollar and the yen and supported the euro.

The single currency was also supported as expectations for further monetary easing by the European Central Bank dimmed after the bank held back from fresh rate cuts at last week's policy meeting.

Risk appetite received an additional boost after data on Tuesday showed that Chinese retail sales rose by a stronger than expected 13.7% in November, while industrial production rose 10.0%, just shy of expectations. The data eased concerns over a slowdown in the world's second largest economy.

EUR/JPY hit highs of 142.17, the loftiest level since October 2008 and was last up 0.10% to 142.01.

Elsewhere, the dollar was trading at six-month highs against the yen, with USD/JPY inching up 0.05% to 103.31.

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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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