Investing.com – The euro extended gains against the U.S. dollar on Wednesday, advancing to a fresh daily high, after data showed that U.S. private sector employment rose significantly more-than-expected in November.
EUR/USD hit 1.3136 during European morning trade, the daily high; the pair subsequently consolidated at 1.3132, jumping 1.17%.
The pair was likely to find support at 1.2828, the low of September 14 and resistance at 1.3301, Monday’s high.
In a report, payroll processing firm ADP said non-farm private employment rose by a seasonally adjusted 93K in November, after rising by a revised 82K in October.
Analysts had expected non-farm private sector employment to increase by 65K in November.
The report said employment in the service-providing sector rose by 79K in November, the tenth consecutive monthly gain, while employment in the goods-producing sector increased by 14K, the first monthly rise since March 2007.
The data also showed that construction employment dropped by 3K during November, the smallest decline since June 2007, while manufacturing employment increased by 16K.
The single currency was also boosted by speculation that the European Central Bank would take decisive steps to combat market turmoil that has stoked contagion fears in the euro zone.
The euro was also up against the pound, with EUR/GBP surging 0.77%to hit 0.8410.
Later in the day, the U.S. was to release official data on manufacturing activity, while the Federal Reserve was to publish its Beige Book.
EUR/USD hit 1.3136 during European morning trade, the daily high; the pair subsequently consolidated at 1.3132, jumping 1.17%.
The pair was likely to find support at 1.2828, the low of September 14 and resistance at 1.3301, Monday’s high.
In a report, payroll processing firm ADP said non-farm private employment rose by a seasonally adjusted 93K in November, after rising by a revised 82K in October.
Analysts had expected non-farm private sector employment to increase by 65K in November.
The report said employment in the service-providing sector rose by 79K in November, the tenth consecutive monthly gain, while employment in the goods-producing sector increased by 14K, the first monthly rise since March 2007.
The data also showed that construction employment dropped by 3K during November, the smallest decline since June 2007, while manufacturing employment increased by 16K.
The single currency was also boosted by speculation that the European Central Bank would take decisive steps to combat market turmoil that has stoked contagion fears in the euro zone.
The euro was also up against the pound, with EUR/GBP surging 0.77%to hit 0.8410.
Later in the day, the U.S. was to release official data on manufacturing activity, while the Federal Reserve was to publish its Beige Book.