The pair to trade near a two-week high after the release of mixed U.S. economic reports weighed on demand for the greenback. EUR/USD pulled away from 1.2901, the session low, to hit 1.3028 during European afternoon trade. The pair was likely to find support at 1.2901, the day’s low and resistance at 1.3107, the high of March 15. In a report, the US Bureau of Labor Statistics said the economy added 88,000 jobs in March, far less than the expected 200,000 increase, after 268,000 jobs were created the previous month. The private sector added 95,000 jobs last month, after an increase of 254,000 in February, compared to expectations for a 209,000 rise. The report also showed that the US unemployment rate ticked down to 7.6% in March, from 7.7% the previous month. Analysts had expected the unemployment rate to remain unchanged last month. Separately, official data showed that the US trade deficit narrowed unexpectedly in February, improving to USD43 billion from a deficit of USD44.5 billion the previous month. Analysts had expected the trade deficit to widen to USD44.6 billion in February.
EasyForexNews Research Team