IT'S TIME. It's time for an easier way to invest. Open a Scottrade Account
Forex - EUR/USD gains on U.S. jobs data, rebounds from ECB move
ForexMay 03, 2013 01:57PM ET
Investing.com - The euro gained against the dollar on Friday after better-than-expected official jobs numbers out of the U.S. sparked demand for risk, which enticed investors out of the dollar and towards higher-yielding currencies such as the euro.
Hopes that a European Central Bank rate cut will lead the eurozone to recovery gave the single currency room to post gains.
In U.S. trading on Friday, was up 0.30% at 1.3104, up from a session low of 1.3034 and off from a high of 1.3159
The pair was likely to find support at 1.3034, the earlier low, and resistance at 1.3242, Thursday's high.
The Bureau of Labor Statistics reported earlier that the U.S. economy picked up 165,000 nonfarm payrolls in April, up from 138,000 in March, whose figure was revised up from 88,000.
May's figures far outpaced analysts' forecasts for a 145,000 figure.
Also fueling appetite for risk-on asset classes, February's figures were revised to 332,000 from 268,000.
The headline unemployment rate ticked down to 7.5% in April from 7.6% in March.
The euro also saw demand on hopes recent ECB action will spur recovery.
The European Central Bank cut interest rates by 25 basis points this week.
The euro, meanwhile, was up against the pound and up against the yen, with trading up 0.16% at 0.8424, and trading up 1.53% at 129.83.
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.