Investing.com - The euro edged higher against the U.S. dollar on Friday, pulling away from an 11-month trough after the release of disappointing U.S. employment data dampened demand for the greenback.
EUR/USD hit 1.2988 during European afternoon trade, the session high; the pair subsequently consolidated at 1.2960, addinng 0.12%.
The pair was likely to find support at 1.2918 and resistance at 1.3154, Thursday's high.
In a report, the Department of Labor said that the U.S. economy added 142,000 jobs in August, less than the expected increase of 225,000. The number of jobs added in July was revised to a 212,000 increase from a previously estimated rise of 209,000.
The report also showed that the U.S. unemployment rate ticked down to 6.1% last month, from 6.2%, in line with expectations.
The data came a day after the ADP nonfarm payrolls report showed that the private sector added less jobs than expected in August, while a separate report showed that the number of people who filed for unemployment assistance in the U.S. last week rose more than anticipated.
Meanwhile, the euro remained under pressure after the European Central Bank cut its benchmark interest rate to a record-low 0.05% from 0.15%, surprising most market analysts who had expected no change.
In addition, ECB President Mario Draghi said the bank will begin an asset-backed securities program, to purchase non-financial assets, including covered bonds.
The euro was higher against the pound, with EUR/GBP rising 0.26% to 0.7950.