Investing.com - The euro was steady close to eight-month highs against the dollar on Monday as expectations that the Federal Reserve will delay plans to scale back stimulus measures continued to cloud the outlook for the dollar.
EUR/USD hit 1.3688 during European afternoon trade, the session high; the pair subsequently consolidated at 1.3673, dipping 0.08%.
The pair was likely to find support at 1.3630 and near-term resistance at 1.3703, Friday’s high and an eight-month high.
The dollar remained under pressure as concerns over the impact of the 16-day government shutdown on the U.S. economic recovery fuelled expectations that the Fed may postpone plans for reducing its asset purchase program until at least early next year.
Investors were awaiting U.S. data releases later in the week after the shutdown delayed the release of some key economic reports. The September nonfarm payrolls report, which had been originally scheduled for release on October 4, was due on Tuesday.
The U.S. was to release private sector data on existing home sales later Monday.
Elsewhere, the euro was steady against the pound, with EUR/GBP dipping 0.01% to 0.8462 and was higher against the yen, with EUR/JPY rising 0.27% to 134.17.
The yen slid against the euro and the dollar after data released on Monday showed that Japan posted a trade deficit of JPY932.1 billion in September, as export growth slowed. It was the 15th consecutive monthly deficit, the longest run on record.
Meanwhile, Bank of Japan Governor Haruhiko Kuroda reiterated Monday that the bank would stick to its stimulus program and added that the economy was on track to reach the bank's 2% inflation target.
EUR/USD hit 1.3688 during European afternoon trade, the session high; the pair subsequently consolidated at 1.3673, dipping 0.08%.
The pair was likely to find support at 1.3630 and near-term resistance at 1.3703, Friday’s high and an eight-month high.
The dollar remained under pressure as concerns over the impact of the 16-day government shutdown on the U.S. economic recovery fuelled expectations that the Fed may postpone plans for reducing its asset purchase program until at least early next year.
Investors were awaiting U.S. data releases later in the week after the shutdown delayed the release of some key economic reports. The September nonfarm payrolls report, which had been originally scheduled for release on October 4, was due on Tuesday.
The U.S. was to release private sector data on existing home sales later Monday.
Elsewhere, the euro was steady against the pound, with EUR/GBP dipping 0.01% to 0.8462 and was higher against the yen, with EUR/JPY rising 0.27% to 134.17.
The yen slid against the euro and the dollar after data released on Monday showed that Japan posted a trade deficit of JPY932.1 billion in September, as export growth slowed. It was the 15th consecutive monthly deficit, the longest run on record.
Meanwhile, Bank of Japan Governor Haruhiko Kuroda reiterated Monday that the bank would stick to its stimulus program and added that the economy was on track to reach the bank's 2% inflation target.