Investing.com - The euro was little changed close to a five-week low against the U.S. dollar on Monday, after Friday’s stronger-than-expected U.S. jobs report bolstered demand for the greenback.
EUR/USD hit 1.2816 during late Asian trade, the pair’s lowest since October 1; the pair subsequently consolidated at 1.2834, dipping 0.01%.
The pair was likely to find support at 1.2753, the low of September 11 and resistance at 1.2941, Friday’s high.
The U.S. Department of Labor said the economy added 171,000 jobs in October, beating forecasts for an increase of 125,000. The unemployment rate ticked up to 7.9% from 7.8% in September as more people re-entered the labor force.
The stronger-than-expected data saw investor’s trim back expectations for another round of quantitative easing by the Federal Reserve.
The dollar also found support amid uncertainty ahead of Tuesday’s U.S. presidential elections.
Meanwhile, the euro remained under pressure amid ongoing uncertainty over when Spain may request a bailout and whether Greece can implement austerity measures in order to secure the next tranche of its bailout funding.
The euro dipped lower against the pound and the yen, with EUR/GBP edging down 0.09% to 0.8004 and EUR/JPY sliding 0.15% to 103.11.
Later Monday, the euro zone was to produce a report on investor confidence, while Spain was to publish official data on employment change.
In the U.S., the Institute of Supply Management was to publish data on service sector activity.
EUR/USD hit 1.2816 during late Asian trade, the pair’s lowest since October 1; the pair subsequently consolidated at 1.2834, dipping 0.01%.
The pair was likely to find support at 1.2753, the low of September 11 and resistance at 1.2941, Friday’s high.
The U.S. Department of Labor said the economy added 171,000 jobs in October, beating forecasts for an increase of 125,000. The unemployment rate ticked up to 7.9% from 7.8% in September as more people re-entered the labor force.
The stronger-than-expected data saw investor’s trim back expectations for another round of quantitative easing by the Federal Reserve.
The dollar also found support amid uncertainty ahead of Tuesday’s U.S. presidential elections.
Meanwhile, the euro remained under pressure amid ongoing uncertainty over when Spain may request a bailout and whether Greece can implement austerity measures in order to secure the next tranche of its bailout funding.
The euro dipped lower against the pound and the yen, with EUR/GBP edging down 0.09% to 0.8004 and EUR/JPY sliding 0.15% to 103.11.
Later Monday, the euro zone was to produce a report on investor confidence, while Spain was to publish official data on employment change.
In the U.S., the Institute of Supply Management was to publish data on service sector activity.