(MENAFN– ecpulse)
The dollar firmed against the yen in Europe on Monday, while was remained weak against the euro as investors still digesting weak U.S. jobs data while looking ahead to the new Federal Reserve chairwoman’s testimony due on Thursday for further clues to the U.S. economic outlook and the Fed’s decision on the pace of tapering.
The weaker-than-expected jobs figures have sparked concerns that U.S. economic momentum is continuing to moderate, fuelling questions about the pace of the Federal Reserve`s stimulus taper. Data released on Friday showed nonfarm payrolls expanded by 113,000 in January, well short of a forecast increase of 185,000.
The U.S. dollar rebounded on Monday after falling in the previous session; the index was last trading at 80.75 after opening at 80.72, the USDIX so far hit a session high of 80.75 and a session low of 80.69. Dollar pared losses against the yen, trading up at ¥102.202 after opening at ¥102.146.
Investors will be closely watching Janet Yellen, the new chairwoman of Federal Reserve, first testimony on monetary policy to the House on Tuesday and the Senate which is scheduled on Thursday, for further clues to the U.S. economic outlook and the Fed’s decision on the pace of tapering.
Against the greenback, the euro traded up at $1.36324 from an opening of $1.36316. The EURUSD pair so far recorded an intraday high of 1.36404.
In other forex trade, pound was little changed against the dollar, trading at $1.63893 after falling to a session low $1.63842. The GBPUSD pair started the session at $1.63904.
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