Investing.com - The euro pushed higher against the dollar on Monday as the U.S. government shutdown entered a second week with little indication of progress towards a resolution in Washington.
EUR/USD hit 1.3577 during late Asian trade, the session high; the pair subsequently consolidated at 1.3571, gaining 0.13%.
The pair was likely to find support at 1.3503, the low of October 3 and resistance at 1.3631, Friday’s high and an almost eight month high.
Republican House Speaker John Boehner said Sunday the House will not support bills to fully reopen the government or increase the U.S. debt ceiling unless Democrats agree to talks about spending cuts.
The comments fuelled fears that the political deadlock in Washington will not be resolved by October 17, the date which the Treasury Department has estimated the U.S. could risk an unprecedented default.
Meanwhile, delays in U.S. economic data releases looked likely to fuel uncertainty over whether the Federal Reserve will hold off on any move to roll back its USD85 billion a month asset purchase program.
The shutdown meant that Friday’s scheduled release of the U.S. nonfarm payrolls report for September was postponed and no new date was given for the release of the data.
The euro was almost unchanged against the pound, with EUR/GBP dipping 0.04% to 0.8462 and was lower against the yen, with EUR/JPY down 0.23% to 131.79.
The euro zone was to release revised data on second quarter growth later Monday.
EUR/USD hit 1.3577 during late Asian trade, the session high; the pair subsequently consolidated at 1.3571, gaining 0.13%.
The pair was likely to find support at 1.3503, the low of October 3 and resistance at 1.3631, Friday’s high and an almost eight month high.
Republican House Speaker John Boehner said Sunday the House will not support bills to fully reopen the government or increase the U.S. debt ceiling unless Democrats agree to talks about spending cuts.
The comments fuelled fears that the political deadlock in Washington will not be resolved by October 17, the date which the Treasury Department has estimated the U.S. could risk an unprecedented default.
Meanwhile, delays in U.S. economic data releases looked likely to fuel uncertainty over whether the Federal Reserve will hold off on any move to roll back its USD85 billion a month asset purchase program.
The shutdown meant that Friday’s scheduled release of the U.S. nonfarm payrolls report for September was postponed and no new date was given for the release of the data.
The euro was almost unchanged against the pound, with EUR/GBP dipping 0.04% to 0.8462 and was lower against the yen, with EUR/JPY down 0.23% to 131.79.
The euro zone was to release revised data on second quarter growth later Monday.