Investing.com - The euro traded slightly higher against the U.S. dollar during Friday’s Asian session after the European Central Bank, as expected, made no significant alterations to monetary policy following the conclusion of its meeting Thursday.
In Asian trading Friday, EUR/USD rose 0.05% to 1.3127. The pair was likely to find support at 1.3090, the low of July 19 and resistance at 1.3255, the high of August 30. ECB opted to keep its benchmark interest rate a record-low of 0.50%.
In a press conference following the ECB's monthly policy meeting, Mario Draghi said the central bank's monetary policy will remain accomodative for as long as necessary and that interest rates should remain at present or lower levels for an extended period of time.
Draghi also said that downide risks, including renewed geopolitical tensions, continue to weigh on the outlook for growth. He added that euro zone countries should continue with their reform agendas and gear policies toward growth-friendly measures.
In addition, Mario Draghi said that recent growth and confidence indicators confirm gradual improvement in economic activity. The ECB revised its 2013 growth projections for the euro zone to a 0.4% contraction from a previously estimated 0.6% contraction in June.
The euro should be in play later Friday with the U.S. Labor Department slated to deliver the August non-farm payroll report. An upside surprise out of that report could be all the room the Federal Reserve needs to commence tapering of its bond-buying program later this month.
Elsewhere, EUR/JPY fell 0.33% to 130.92 while EUR/AUD dropped 0.08% to 1.4370.
In Asian trading Friday, EUR/USD rose 0.05% to 1.3127. The pair was likely to find support at 1.3090, the low of July 19 and resistance at 1.3255, the high of August 30. ECB opted to keep its benchmark interest rate a record-low of 0.50%.
In a press conference following the ECB's monthly policy meeting, Mario Draghi said the central bank's monetary policy will remain accomodative for as long as necessary and that interest rates should remain at present or lower levels for an extended period of time.
Draghi also said that downide risks, including renewed geopolitical tensions, continue to weigh on the outlook for growth. He added that euro zone countries should continue with their reform agendas and gear policies toward growth-friendly measures.
In addition, Mario Draghi said that recent growth and confidence indicators confirm gradual improvement in economic activity. The ECB revised its 2013 growth projections for the euro zone to a 0.4% contraction from a previously estimated 0.6% contraction in June.
The euro should be in play later Friday with the U.S. Labor Department slated to deliver the August non-farm payroll report. An upside surprise out of that report could be all the room the Federal Reserve needs to commence tapering of its bond-buying program later this month.
Elsewhere, EUR/JPY fell 0.33% to 130.92 while EUR/AUD dropped 0.08% to 1.4370.