Investing.com - The euro came off a three-and-a-half month high against the U.S. dollar on Monday, as investors sold the currency to lock in gains after Friday’s rally, but the euro remained supported by expectations for more easing from the Federal Reserve.
EUR/USD hit 1.2780 during late Asian trade, the session low; the pair subsequently consolidated at 1.2784, slipping 0.25%.
The pair was likely to find support at 1.2625, Friday’s low and near-term resistance at 1.2816, Friday’s high and a three-and-a-half month peak.
The dollar weakened broadly on Friday after the Department of Labor said the U.S. economy added 96,000 jobs in August, well below expectations for 125,000, following a downwardly revised 141,000 in July.
The smaller-than-expected increase in job creation increased the chances that the U.S. central bank will implement further quantitative easing measures to strengthen the U.S. economic recovery, ahead of its upcoming policy meeting later in the week.
The U.S. jobs data came one day after the European Central Bank announced details of its bond purchasing program aimed at stemming the debt crisis in the euro zone.
The euro was also lower against the pound and the yen, with EUR/GBP sliding 0.17% to 0.7992 and EUR/JPY losing 0.24% to trade at 100.03.
Later in the day, the euro zone was to release data on investor confidence, while France was to publish official data on industrial production.
EUR/USD hit 1.2780 during late Asian trade, the session low; the pair subsequently consolidated at 1.2784, slipping 0.25%.
The pair was likely to find support at 1.2625, Friday’s low and near-term resistance at 1.2816, Friday’s high and a three-and-a-half month peak.
The dollar weakened broadly on Friday after the Department of Labor said the U.S. economy added 96,000 jobs in August, well below expectations for 125,000, following a downwardly revised 141,000 in July.
The smaller-than-expected increase in job creation increased the chances that the U.S. central bank will implement further quantitative easing measures to strengthen the U.S. economic recovery, ahead of its upcoming policy meeting later in the week.
The U.S. jobs data came one day after the European Central Bank announced details of its bond purchasing program aimed at stemming the debt crisis in the euro zone.
The euro was also lower against the pound and the yen, with EUR/GBP sliding 0.17% to 0.7992 and EUR/JPY losing 0.24% to trade at 100.03.
Later in the day, the euro zone was to release data on investor confidence, while France was to publish official data on industrial production.