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Forex - EUR/USD remains close to 9-year lows in subdued trade

ForexJan 12, 2015 08:28AM ET
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Euro holds near multi-year lows vs. stronger dollar

Investing.com - The euro remained near nine-year lows against the U.S. dollar in subdued trade on Monday, as expectations for fresh stimulus measures in the euro zone continued to weigh, while demand for the greenback remained broadly supported.

EUR/USD hit 1.1786 during European afternoon trade, the session low; the pair subsequently consolidated at 1.1814, shedding 0.24%.

The pair was likely to find support at 1.1753, the low of January 8 and a nine-year low and resistance at 1.1969, the high of January 6.

Sentiment on the euro remained vulnerable amid speculation that the European Central Bank will embark on full blown quantitative easing as soon as its next meeting on January 22.

Over the weekend, the governor of the Italy’s central bank warned that the euro zone is at risk of further deflation and said the best way to combat that threat is through purchasing government bonds.

In the U.S., the Labor Department reported on Friday that the economy added 252,000 jobs in December, more than the 240,000 forecast by economists. The unemployment rate ticked down to a six-and-a-half year low 5.6%.

However, average earnings fell by 0.2% last month and were up by only 1.7% from a year earlier.

Weakness in earnings prompted investors to take profits in the dollar, as markets pushed back expectations for the first hike in U.S. interest rates to late-2015.

The euro was also lower against the pound, with EUR/GBP slipping 0.24% to 0.7795.

Forex - EUR/USD remains close to 9-year lows in subdued trade
 

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