The euro traded firm on Monday to post slight gains against the US dollar in a session void of major US economic indicators.
Meanwhile, the investors remained in standby mode ahead of congressional testimony made by the Federal Reserve Chair Janet Yellen on Tuesday and Wednesday.
Trading up from a session low of 1.3592 and off a high of 1.3640, EUR/USD pair was up 0.14 percent at 1.3626 in the European session.
The market analysts say the EUR/USD pair was likely to find support at Thursday’s low (1.3589) and resistance at Thursday’s high (1.3651).
The employment data of the United States continued to impress the market trends.
The employment growth in the United States surged in June, suggesting decisive evidence to the growing economy after a surprisingly big slump at the start of the year. The unemployment rate, however, closed in on a six-year low.
According to the Labor Department report, nonfarm payrolls increased by 288,000 jobs last month and the jobless rate fell to 6.1 percent, its lowest level since September 2008.
Last week, the Federal Reserve released the minutes of June policy meeting. It said that the US central bank indicated an October close to its bond-buying stimulus program. There was, however, nothing mentioned about the possible interest rate hike.
Amid the improvements in the US job market, the Federal Reserve’s regional bank presidents are mulling over whether to push interest rates up from zero sooner than actually planned.
The insiders say most Fed officials at June’s policy meeting didn’t see rate increases until 2015.
The US government will soon release data on retail sales, the government measure of consumer spending, which accounts for the majority of overall economic activity. It will also release data on import prices, manufacturing activity and business inventories in the New York state.
The German Industrial Production posted its sharpest decline in two years.
Meanwhile, the ECB Mario Draghi will confirm at the Economic and Monetary Affairs Committee of the European Parliament.
The ZEW Institute is set to release on Tuesday its closely monitored report on German economic sentiment which will give a clear indication of economic health.
The industrial output of eurozone met market expectations and boosted the single currency over the greenback.
In its report, Eurostat, the statistical office of the European Union, said that industrial output across the euro area fell by 1.1 percent in May from April.
The euro was also strong against the pound, with EUR/GBP up 0.29 percent at 0.7975. The euro was up against the yen, with EUR/JPY trading up 0.36 percent at 138.40.