Shutterstock photo
Markets

Forex - EUR/USD pushes higher, gains capped

Shutterstock photo

Shutterstock photo

Investing.com - The euro pushed higher against the dollar on Monday as market sentiment was boosted by Friday's better-than-forecast U.S. jobs data, but concerns over the recovery in China capped gains.

EUR/USD hit 1.3025 during late Asian trade, the session high; the pair subsequently consolidated at 1.3006, edging up 0.08%.

The pair was likely to find support at 1.2954, Friday's low and a three-month low and resistance at 1.3100, the high of March 1.

The U.S. economy added 236,000 jobs last month official data on Friday showed, well above expectations for an increase of 160,000. The unemployment rate ticked down to 7.7%, the lowest level since December 2008, from 7.9% in January.

The robust data added to speculation over an earlier-than-expected end to the Federal Reserve's easing program, bolstering demand for the dollar.

However concerns over a possible slowdown in the world's second-largest economy weighed on sentiment after data over the weekend showed that inflation in China hit a 10-month high in February, while industrial output and retail sales slowed.

The euro was little changed against the pound and the yen, with EUR/GBP dipping 0.06% to 0.8710 and EUR/JPY edging up 0.12% to 124.97.

Elsewhere Monday, official data showed that Germany's trade surplus narrowed to EUR15.7 billion in January from a revised EUR16.9 billion the previous month.

German exports rose by a seasonally adjusted 1.4% in January, the biggest increase in five months, while imports rose 3.3%.

Investing.com - Investing.com offers an extensive set of professional tools for the Forex, Commodities, Futures and the Stock Market including real-time data streaming, a comprehensive economic calendar, as well as financial news and technical & fundamental analysis by in-house experts.

Read more News on Investing.com or Follow us on Twitter at @ Newsinvesting

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.

Other Topics

ForEx