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Forex - Euro steady near six-week highs vs. dollar

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Investing.com - The euro was trading close to six-week highs against the dollar on Tuesday as expectations for further monetary easing by the European Central Bank dimmed.

EUR/USD rose to highs of 1.3767, the strongest level since October 30 and was last up 0.10% to 1.3751.

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

The euro has gained ground since the ECB held back from implementing fresh easing at its December meeting, after surprising investors with a rate cut in November.

In a speech on Tuesday, ECB President Mario Draghi urged governments to complete a banking union, saying it was crucial at a national and a European level.

Investor confidence continued to be underpinned 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 in the wake of the data has dampened demand for the dollar and the yen and supported the euro.

The euro pulled away from five year highs against the yen as recent strong gains prompted investors to take profits.

EUR/JPY hit highs of 142.17, the loftiest level since October 2008, and was last down 0.29% to 141.54.

Elsewhere, the dollar pulled back from six month highs against the yen, with USD/JPY down 0.41% to 102.83, off session highs of 103.39.

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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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