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Forex - EUR/USD remains lower after U.S. employment data

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Investing.com -

Investing.com - The euro remained lower against the U.S. dollar on Friday, after the release of disappointing U.S. employment data, as comments by European Central Bank President Mario Draghi continued to weigh on demand for the single currency.

EUR/USD hit 1.3682 during U.S. morning trade, the pair's lowest since February 27; the pair subsequently consolidated at 1.3700, slipping 0.14%.

The pair was likely to find support at 1.3643, the low of February 27 and resistance at 1.3772, the high of March 28.

The greenback came under pressure after the Department of Labor said the U.S. economy added 192,000 jobs in March, confounding expectations for a 200,000 increase. February's figure was revised up to a 197,000 rise from a previously estimated 175,000 increase.

The private sector added 192,000 jobs last month, below expectations for a 195,000 rise, while February's figure was revised up to 188,000 jobs added from a previously estimated 162,000 increase.

The report also showed that the U.S. unemployment rate remained unchanged at 6.7% last month, disappointing expectations for a downtick to 6.6%.

But the single currency remained near five-week lows against the dollar after ECB President Draghi played down the risk of deflation in the euro zone on Thursday, but added that the bank has not ruled out further policy action, including quantitative easing.

Earlier Friday, official data showed that German factory orders rose rose 0.6% in February, exceeding expectations for a 0.1% gain. Factory orders in January were revised down to a 0.1% increase from a previously estimated 1.2% rise.

The euro was little changed against the pound, with EUR/GBP dipping 0.04% to 0.8263.

In the U.K., official data on Friday showed that the Halifax house price index declined by 1.1% in March, confounding expectations for a 0.7% rise, after a 2.4% increase the previous month.

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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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