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FOREX-Euro ends rally vs dollar ahead of U.S. jobs data

Published 10/07/2010, 01:01 PM
Updated 10/07/2010, 01:04 PM

* Euro climbs as high as $1.4030 but surrenders gains

* Euro session low at $1.3857 in volatile trade (Updates with euro hitting session lows, technical levels, analyst comment)

NEW YORK, Oct 7 (Reuters) - The euro gave up the session's gains and fell midway through the New York session on Thursday as investors bet that its rally against the dollar on concerns about U.S. quantitative easing had been too far, too fast.

After gains which pushed it well above the $1.4000 level in early New York trade investors also became risk averse ahead of the U.S. nonfarm payrolls report on Friday.

"Outside (of the euro) obviously being overbought, there is speculation in the market tomorrow's jobs numbers could be better than expected," said Greg Salvaggio, vice president of trading at Tempus Consulting in Washington. "Quantitative easing talk could also be overdone."

The euro last traded at $1.3875, down 0.4 percent, on electronic trading platform EBS after touching a session low of $1.3857. Earlier the euro had traded as high as $1.4030 on EBS.

BNY Mellon said there was technical support at 1.3830, the 5-day simple moving average, and 1.3757, a minor trend line support extending from Sept. 10. (Reporting by Nick Olivari; Editing by James Dalgleish)

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