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by ForexNewsNow Team on October 8, 2010

Euro trims losses versus dollar as Trichet set to speak

EUR USD analysis - ECB chief TrichetNEW YORK (Forex News Now) – The euro trimmed losses against the dollar on Friday, as the president of the European Central Bank was set to speak and in the wake of disappointing U.S. jobs data.

In European afternoon currency market trading, EUR/USD hit 1.3921, down 0.04 percent, after rising from the daily low of 1.3833.

Jean-Claude Trichet, the ECB president, was due to speak in a panel discussion at a meeting of the Bretton Woods Committee in Washington, D.C. FX traders were likely to scrutinize his comments for clues to future shifts in monetary policy, especially after Trichet signaled earlier this week that he would not slow the exit from emergency stimulus.

According to EUR USD analysis, EUR/USD was likely to touch support around Tuesday’s low, 1.3637, and encounter resistance around Thursday’s high, 1.4029.

The Labor Department said earlier that hiring by U.S. businesses in September slowed significantly while government jobs disappeared at a record pace.

The U.S. economy lost 95,000 nonfarm jobs, the department said, while analysts had expected an increase of 3,000 jobs during the month, two currency market trading news outlets reported.

Elsewhere, the euro fell versus sterling: EUR/GBP traded at 0.8722, down 0.57 percent, according to intraday analysis.

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