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by ForexNewsNow Team on July 8, 2010

EUR/USD rises on upbeat U.S. jobs data, ECB decision

NEW YORK (Forex News Now) – The euro rose against the U.S. dollar on Thursday, hitting a 2-month high, on the back of upbeat U.S. employment data and a key interest rates decision by the European Central Bank.

In U.S. afternoon currency trading, EUR/USD traded at 1.2661, up 0.21 percent on the day, after retreating slightly from 1.2701, the currency pair’s highest since May 12.

U.S. Labor Department data, meanwhile, showed earlier that the number of workers filing new claims for unemployment benefits last week fell by 21,000 to 454,000.

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Global forex analysts had expected claims to drop to 460,000, two major financial news outlets reported.

According to forex analysis, EUR/USD is likely to touch immediate support around Tuesday’s open, 1.2537, and encounter resistance around the high of May 11, 1.2803.

Earlier in the day, the European Central Bank left its benchmark interest rate, the Minimum Bid Rate, at a historic low of 1 percent as the euro zone debt crisis and rising market borrowing costs threaten to derail the region’s recovery.

Meanwhile, the euro soared versus the yen: EUR/JPY traded at 111.97, up 1.04 percent on the day.


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