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Forex - EUR/USD lower after disappointing U.S. jobs data

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Investing.com - The euro slid lower against the dollar on Monday, after data on Friday showing that the U.S. economy added fewer than expected jobs in March raised doubts over the strength of the U.S. economic recovery.

EUR/USD hit 1.2969 during late Asian trade, the session low; the pair subsequently consolidated at 1.2975, sliding 0.21%.

The pair was likely to find support at 1.2899, Friday's low and resistance at 1.3075, the high of March 12.

The Department of Labor said the U.S. economy added 88,000 jobs last month, the smallest increase since June and far below forecasts for an increase of 200,000.

The U.S. unemployment rate ticked down to 7.6% from 7.7% in February as more people dropped out of the work force.

The report came after disappointing data on U.S. manufacturing and service sector activity and private sector job creation earlier in the week.

Elsewhere, the euro rose to its highest level since January 2010 against the yen, with EUR/JPY advancing 0.83% to 127.87.

The yen remained under heavy selling pressure after the Bank of Japan announced aggressive monetary easing measures aimed at beating deflation on Thursday.

The single currency was little changed against the pound, with EUR/GBP dipping 0.06% to 0.8468.

Germany was to release official data on industrial production later in the day.

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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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