2:09 م
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Forexpros - The euro rose to a two-and-a-half week high against the U.S.
dollar on Friday, as strong U.S. employment data eased concerns over
the strength of the country's economic recovery, although euro zone debt
worries continued to linger.
EUR/USD hit 1.3070 during U.S. morning trade, the pair's highest since September 19; the pair subsequently consolidated at 1.3069, climbing 0.42%.
The pair was likely to find support at 1.2994, the session low and resistance at 1.3114, the high of September 18.
Risk sentiment was boosted by official data showing that the U.S. unemployment rate fell unexpectedly to 7.8% in September, the lowest level in four years, from 8.1% the previous month.
Analysts had expected the unemployment rate to tick up to 8.2% in September.
The report also showed that U.S. private nonfarm payrolls rose by 114,000 in September, beating expectations for a 113,000 increase, following a 142,000 rise the previous month.
Meanwhile, markets continued to eye developments in Spain after a European Union official said that a possible bailout is not imminent, as concerns grow over the country’s ability to reach its deficit-reduction targets.
On Thursday, Spanish Economy Minister Luis de Guindos said that no bailout was needed, a few hours after European Central Bank President Mario Draghi reiterated that the bank was ready to start purchasing the debt of troubled euro zone states.
Elsewhere, Greek officials were expected to meet on Saturday with members of the Troika, led by the European Commission, the European Central Bank and the International Monetary Fun, with hopes of securing a deal on reforms that would allow fresh aid to the country.
The euro was also higher against the pound with EUR/GBP rising 0.26%, to hit 0.9747.
Also Friday, official data showed that German factory orders fell far more-than-expected in August, dropping 1.3% after a 0.3% rise the previous month.
Analysts had expected factory orders to fall by 0.5% in August
EUR/USD hit 1.3070 during U.S. morning trade, the pair's highest since September 19; the pair subsequently consolidated at 1.3069, climbing 0.42%.
The pair was likely to find support at 1.2994, the session low and resistance at 1.3114, the high of September 18.
Risk sentiment was boosted by official data showing that the U.S. unemployment rate fell unexpectedly to 7.8% in September, the lowest level in four years, from 8.1% the previous month.
Analysts had expected the unemployment rate to tick up to 8.2% in September.
The report also showed that U.S. private nonfarm payrolls rose by 114,000 in September, beating expectations for a 113,000 increase, following a 142,000 rise the previous month.
Meanwhile, markets continued to eye developments in Spain after a European Union official said that a possible bailout is not imminent, as concerns grow over the country’s ability to reach its deficit-reduction targets.
On Thursday, Spanish Economy Minister Luis de Guindos said that no bailout was needed, a few hours after European Central Bank President Mario Draghi reiterated that the bank was ready to start purchasing the debt of troubled euro zone states.
Elsewhere, Greek officials were expected to meet on Saturday with members of the Troika, led by the European Commission, the European Central Bank and the International Monetary Fun, with hopes of securing a deal on reforms that would allow fresh aid to the country.
The euro was also higher against the pound with EUR/GBP rising 0.26%, to hit 0.9747.
Also Friday, official data showed that German factory orders fell far more-than-expected in August, dropping 1.3% after a 0.3% rise the previous month.
Analysts had expected factory orders to fall by 0.5% in August
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