Forexpros – The euro extended Friday’s losses into early Asian trading on Monday, as weak jobs numbers in the U.S. continued to send investors snapping up positions in the safe and liquid dollar in search of safe harbor.
In Asian trading on Monday, EUR/USD was trading down 0.07% at 1.2277, up from a session low of 1.2256 and off from a high of 1.2281.
The pair was likely to find support at 1.2256, the earlier low, and resistance at 1.2401, the high from July 6.
On Friday in the U.S., the Bureau of Labor Statistics reported the economy added a net 80,000 nonfarm payrolls in June, below market forecasts for a gain of around 90,000.
April figures were revised to 68,000 from 77,000 nonfarm payrolls, while May’s numbers were revised to 77,000 from 69,000.
Investors worldwide sold higher-yielding currencies and stocks and flocked to safe-haven currencies such as the dollar as well as the yen.
The risk-off trading session continued early Monday, which sent the euro falling against the greenback.
The euro also traded lower on the heels of a European Central Bank decision to trim its benchmark interest rate 25 basis points to 0.75%.
A Bank of England decision to inject GBP50 billion into the economy via stimulus measures followed by interest rate cuts in China pressured the dollar upwards as well.
The euro, meanwhile, was down against the pound and down against the yen, with EUR/GBP down 0.06% at 0.7929 and EUR/JPY trading down 0.09% at 97.78.
Later Monday in the eurozone, a Sentix report on investor confidence will publish.
ECB President Mario Draghi will testify before the European Parliament in Brussels.
Eurozone finance ministers will also meet in Brussels to hold talks on the debt crisis.
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