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Forex - EUR/USD trims losses in quiet trade

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Investing.com - The euro trimmed losses against the dollar on Tuesday, pulling back from session lows but the dollar remained broadly stronger amid optimism over the improving U.S. economic recovery.

EUR/USD pulled back from 1.2992, the session low to hit 1.3037 during European afternoon trade, down 0.06% for the day.

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 dollar remained stronger after data on Friday showed that the U.S. economy added significantly more jobs than forecast in February, with the unemployment rate falling to a four-year low of 7.7%.

The robust data fuelled speculation over an earlier-than-expected end to the Federal Reserve's easing program.

The single currency remained under pressure amid concerns over the economic outlook for the euro zone, while worries over ongoing political uncertainty in Italy also weighed.

The euro was higher against the pound, with EUR/GBP rising 0.155 to 0.8758 after data showed that manufacturing output in the U.K. posted the steepest drop since June in January.

The weak data fuelled concerns over prospects for a triple-dip recession and increased the risk of more easing by the Bank of England.

Elsewhere, the euro was lower against the yen, with EUR/JPY down 0.31% to 125.21.

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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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