Shutterstock photo
Markets

Forex - EUR/USD steady near 3-month lows

Shutterstock photo

Shutterstock photo

Investing.com - The euro was steady close to three-month lows against the dollar on Monday after data on Friday showed that the U.S. economy added significantly more jobs than forecast last month.

EUR/USD hit 1.3025 during U.S. morning trade, the session high; the pair subsequently consolidated at 1.3001, inching up 0.04%.

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.

The single currency remained under pressure following a one-notch downgrade on Italy by ratings agency Fitch in Friday, citing political uncertainty and a deepening recession.

Investor also remained cautious amid concerns over a possible slowdown in the world's second-largest economy after data over the weekend showed that inflation in China hit a 10-month high in February, while industrial output and retail sales slowed.

Elsewhere, the euro pushed higher against the pound and the yen, with EUR/GBP easing up 0.11% to 0.8726 and EUR/JPY rising 0.13% to 124.98.

Sentiment on sterling remained weak as prospects for a triple-dip recession and more easing by the Bank of England continued to weigh.

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