Euro edges higher but finds resistance at $1.34

November 11, 2013

The euro edged higher against the US dollar during a relatively quiet European session. There was little in the way of economic data or news due to the public holiday in the US and France for Veteran’s Day holiday today, resulting in low trading volumes.

EURUSD opened in Europe at $1.3365 and gained some 30 pips to $1.3395. The euro was unable to break higher after hitting a session high of $1.3405, as it remains under pressure following last week’s surprise rate cut by the European Central Bank. Meanwhile, Friday’s strong US employment report is giving the dollar added strength.

Against the yen, the euro climbed from 132.26 to 132.88 yen, while against the British pound it rose to 83.83 pence. 

The pound slid against the dollar, with GBPUSD falling to a session low of $1.5977. The main driver of the pound will be the all-important Bank of England inflation report later this week. A hawkish report will give a boost to the pound. Also in focus will be data on UK retail sales and CPI.

USDJPY has been stuck in a trading range since Friday when the pair was propelled to a high of 99.21 following the US nonfarm payrolls report beating forecasts. The dollar revisited this high today. The pair will likely remain steady and quiet today since there are no economic data releases in the upcoming US session due to markets being closed for the Veteran’s Day holiday today.

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