Investing.com - The euro remained higher against the U.S. dollar on Friday, as lower-than-expected U.S. employment data weighed on demand for the greenback, although the single currency still remained under pressure.
EUR/USD hit 1.3179 during U.S. morning trade, the session high; the pair subsequently consolidated at 1.3175, gaining 0.42%.
The pair was likely to find support at 1.3052, the low of July 16 and resistance at 1.3340, the high of August 29.
The greenback came under broad selling pressure after the Bureau of Labor Statistics said the U.S. economy added 169,000 jobs in August, less than the expected 180,000 increase, after a downwardly revised 104,000 rise the previous month.
The report also showed that the U.S. private sector added 152,000 jobs last month, compared to expectations for a 180,000 rise, following a downwardly revised increase of 127,000 in July.
The U.S. unemployment rate ticked down to 7.3% in August, from 7.4% in July, as more people left the workforce. Analysts had expected the unemployment rate to remain unchanged last month.
But the euro's gains were limited, as downbeat German data fuelled fresh concerns over the strength of the recovery in the euro zone's biggest economy.
Official data on Friday showed that German industrial production dropped 1.7% in July, compared to expectations for a 0.5% fall, after a downwardly revised 2% rise the previous month.
A separate report showed that Germany's trade surplus narrowed unexpectedly to EUR14.5 billion in July, from an upwardly revised surplus of EUR15.8 billion the previous month. Analysts had expected the trade surplus to expand to EUR16.1 billion in July.
The single currency also remained under pressure after European Central Bank President Mario Draghi on Thursday 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.
The euro was higher against the pound with EUR/GBP adding 0.10%, to hit 0.8425.
Also Friday, official data showed that U.K. manufacturing production rose 0.2% in July, confounding expectations for a 0.3% rise, after an upwardly revised 2% increase in June.
A separate report showed that the U.K. trade deficit widened to GBP9.85 billion in July, from a dwonwardly revised deficit of GBP8.17 billion the previous month. Analysts had expected the trade deficit to narrow to GBP8.15 billion in July.
EUR/USD hit 1.3179 during U.S. morning trade, the session high; the pair subsequently consolidated at 1.3175, gaining 0.42%.
The pair was likely to find support at 1.3052, the low of July 16 and resistance at 1.3340, the high of August 29.
The greenback came under broad selling pressure after the Bureau of Labor Statistics said the U.S. economy added 169,000 jobs in August, less than the expected 180,000 increase, after a downwardly revised 104,000 rise the previous month.
The report also showed that the U.S. private sector added 152,000 jobs last month, compared to expectations for a 180,000 rise, following a downwardly revised increase of 127,000 in July.
The U.S. unemployment rate ticked down to 7.3% in August, from 7.4% in July, as more people left the workforce. Analysts had expected the unemployment rate to remain unchanged last month.
But the euro's gains were limited, as downbeat German data fuelled fresh concerns over the strength of the recovery in the euro zone's biggest economy.
Official data on Friday showed that German industrial production dropped 1.7% in July, compared to expectations for a 0.5% fall, after a downwardly revised 2% rise the previous month.
A separate report showed that Germany's trade surplus narrowed unexpectedly to EUR14.5 billion in July, from an upwardly revised surplus of EUR15.8 billion the previous month. Analysts had expected the trade surplus to expand to EUR16.1 billion in July.
The single currency also remained under pressure after European Central Bank President Mario Draghi on Thursday 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.
The euro was higher against the pound with EUR/GBP adding 0.10%, to hit 0.8425.
Also Friday, official data showed that U.K. manufacturing production rose 0.2% in July, confounding expectations for a 0.3% rise, after an upwardly revised 2% increase in June.
A separate report showed that the U.K. trade deficit widened to GBP9.85 billion in July, from a dwonwardly revised deficit of GBP8.17 billion the previous month. Analysts had expected the trade deficit to narrow to GBP8.15 billion in July.