The euro traded steadily against the US dollar on Monday through the course of a light trade, while situation with Syria still supported demand for the greenback.
EUR/USD touched a session high at 1.3226 at 7:13 GMT. Support for the pair was to be found at July 22nd low, 1.3144, while resistance was to be encountered at August 2nd high, 1.3294.
Fears of a possible military intervention by the United States and its allies in Syria chilled to a certain extent, as the US congressional vote was expected. The Secretary of State John Kerry said on Friday that the United States would punish Syrias President Bashar al-Assad for the “brutal and flagrant” chemical weapons attack, which killed almost 1 500 people in the city of Damascus.
Meanwhile, markets awaited the manufacturing PMI data out of the Euro zone. Trading volumes were expected to remain thin today, due to closed markets in the United States for the Labor Day holiday.
The greenbacks advance was capped, however, as on Friday official data showed that the index, gauging US consumer sentiment, decreased in August, pulling back from July’s six-year high. The final values of the University of Michigans consumer confidence index slid to 82.1 in August from a reading of 85.1 a month ago.
Elsewhere, the euro was lower against the sterling, as EUR/GBP cross dropped 0.35% to trade at 0.8501 at 7:46 GMT. EUR/JPY pair, on the other hand, soared 1.15% on a daily basis to trade at 131.26 at 7:46 GMT.
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