EUR/USD had another choppy session but on the short time frames the market was veering towards the bullish side. EUR/USD remained above the 1.09 level for most of the session – support is forming around 1.0876 and resistance at 1.0937.
Dollar strength was curbed today after a disappointing jobs report showed that US private sector employers added few jobs than expected in July. The data led traders to heed caution ahead of Friday’s broader nonfarm payrolls report.
The tumbling price of crude oil continues to be felt on commodity currencies. The biggest faller of week has been the Canadian dollar which has seen more than a two percent slide against the US dollar.
Mixed reports on the health of US economy were keeping dollar sentiment in check today. The benchmark dollar index lifted just 0.29% to reach 97.61 after making modest gains versus the euro, sterling and the Canadian.