Investing.com - The euro fell against the dollar on Friday even though the U.S. government revealed the economy picked up more payrolls than expected in October, which would normally spark a risk-on trading session that would weaken the dollar.
A Spanish purchasing managers' index disappointed, which fueled demand for the greenback.
In U.S. trading on Friday, EUR/USD was trading down 0.77% at 1.2843, up from a session low of 1.2837, and off from a high of 1.2947.
The pair is likely to find support at 1.2837, the earlier low, and resistance at 1.2947, the earlier high.
The U.S. Bureau of Labor Statistics revealed earlier that the U.S. economy added 171,000 jobs in October, beating out analysts' calls for a gain of around 125,000.
The headline unemployment rate rose to 7.9% from 7.8% in September.
While the number fueled some demend for risk, investors snapped up greenback positions after stock markets shrugged of the jobs report.
The economy didn't add enough jobs to reflect a more robust U.S. recovery.
Some analysts have said the economy should create at least 250,000 a month on an ongoing basis before recovery really gains steam.
Disappointing Spanish production figures also stoked demand for the dollar.
The Markit research group reported that Spain's manufacturing purchasing managers' index fell more than expected in October, dropping to 43.5 from a reading 0f 44.6 the previous month.
Analysts were expecting a reading of 44.0.
Meanwhile, Italy's purchasing managers' index fell to 45.5 in October from 45.7 in September, disappointing expectations for a reading of 45.9.
Dollar demand also remained firm amid uncertainty surrounding U.S. presidential elections on Tuesday, with neither President Barack Obama or his Republican challenger, Mitt Romney, emerging as a front runner.
The euro, meanwhile, was down against the pound and down against the yen, with EUR/GBP trading down 0.16% at 0.8012, and EUR/JPY trading up 0.28% at 103.41.
A Spanish purchasing managers' index disappointed, which fueled demand for the greenback.
In U.S. trading on Friday, EUR/USD was trading down 0.77% at 1.2843, up from a session low of 1.2837, and off from a high of 1.2947.
The pair is likely to find support at 1.2837, the earlier low, and resistance at 1.2947, the earlier high.
The U.S. Bureau of Labor Statistics revealed earlier that the U.S. economy added 171,000 jobs in October, beating out analysts' calls for a gain of around 125,000.
The headline unemployment rate rose to 7.9% from 7.8% in September.
While the number fueled some demend for risk, investors snapped up greenback positions after stock markets shrugged of the jobs report.
The economy didn't add enough jobs to reflect a more robust U.S. recovery.
Some analysts have said the economy should create at least 250,000 a month on an ongoing basis before recovery really gains steam.
Disappointing Spanish production figures also stoked demand for the dollar.
The Markit research group reported that Spain's manufacturing purchasing managers' index fell more than expected in October, dropping to 43.5 from a reading 0f 44.6 the previous month.
Analysts were expecting a reading of 44.0.
Meanwhile, Italy's purchasing managers' index fell to 45.5 in October from 45.7 in September, disappointing expectations for a reading of 45.9.
Dollar demand also remained firm amid uncertainty surrounding U.S. presidential elections on Tuesday, with neither President Barack Obama or his Republican challenger, Mitt Romney, emerging as a front runner.
The euro, meanwhile, was down against the pound and down against the yen, with EUR/GBP trading down 0.16% at 0.8012, and EUR/JPY trading up 0.28% at 103.41.