The euro was little changed against the US dollar on Monday, after a report showed on Friday that US economy added new jobs at a slower than projected pace, which caused uncertainty over a possible stimulus program pare back by the Federal Reserve Bank in September to re-appear.
EUR/USD touched a session high at 1.3188 at 8:26 GMT to gain 0.08% for the day. Support was likely to be found at September 4th low, 1.3156, while resistance was to be met at September 5th high, 1.3222.
US dollar came under selling pressure on Friday, after the Bureau of Labor Statistics reported that US employers added 169 000 new jobs in the month of August, following the revised down 104 000 jobs in July from 162 000 previously. The official report said that non-farm payrolls in the US have initially been revised down by a total of 74 000 during June and July. US unemployment rate diminished to 7.3% during August from 7.4% a month ago. These data points introduced a new dose of uncertainty over the future of Feds stimulus program.
Meanwhile, the common currency was also under pressure, after European Central Bank President Mario Draghi reiterated on Thursday that the banks benchmark interest rate will remain at current or lower levels for “an extended period” of time, despite that recent economic reports out of the Euro zone showed signs of recovery.
Elsewhere, the euro was slightly lower against the sterling, as EUR/GBP cross dipped 0.07% to trade at 0.8425 at 8:40 GMT. EUR/JPY pair was advancing 0.51% on a daily basis to trade at 131.21 at 8:45 GMT.
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