Forexpros – The Euro traded lower against the U.S. Dollar Friday as investors await the U.S. non farm payroll report and Chinese manufacturing grew less than forecast last month
EUR/USD hit a high of 1.2368 and a low of 1.2312 prior to trading at 1.2330, down 0.29% on the session
The pair was likely to find support at 1.2312, today’s low, and resistance at 1.2625, Monday’s high.
Traders are anticipating the non farm payroll report to indicate increased hiring in the U.S. with a 150,000 worker gain, supporting the greenback.
China’s manufacturing Purchasing Manager’s index fell to 50.4 in May from 53.3 in April increasing fears of a global slowdown.
Another report indicated that unemployment in the euro zone reached 11% in April and March, the highest since the data started in 1995,
The European Central Bank and Italy pushed Germany to relent its opposition to direct euro zone aid to struggling banks in an effort to end the crisis.
Meanwhile, yields on German two, five and 30 year bonds plunged to record lows today, as well as on 10 year treasuries and British gilts
The Euro was up against the British Pound and down against the Japanese Yen, with EUR/GBP gaining 0.24% to hit 0.8046 and EUR/JPY falling 0.41% to hit 96.45.
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