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by ForexNewsNow Team on June 3, 2010

Euro sags versus dollar as U.S. nonfarm payrolls awaited

euro dollar nonfarm forexNEW YORK (Forex News Now) – The euro sagged against the dollar on Thursday, approaching a 4-year low, as traders awaited a key report on U.S. nonfarm payrolls in May.

In U.S. afternoon currency trading, EUR/USD hit 1.2152, close to Tuesday’s 4-year low of 1.2111. The currency pair later retreated slightly to 1.218, down 0.56 percent on the day.

Earlier, a report published by the payroll processing company ADP showed that the U.S. private sector added fewer jobs in May than economists forecast, in one of the day’s spotlight FX news events.

Also Thursday, government data showed that the number of U.S. workers filing new applications for unemployment insurance fell last week at a slightly quicker rate than expected.

In light of the current FX info, the euro is likely to touch support against the greenback around Tuesday’s low, 1.2111, and encounter resistance around the high of May 21, 1.2672.

Friday’s FX news is likely to be dominated by a U.S. report on nonfarm payrolls in May, which is expected to show that a massive number of new jobs were added during the month.

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