EUR/USD soars to 5-month high, completing its best quarter in five years

EUR/USD surged to fresh 5-month highs on Thursday, extending gains from the previous three sessions, as the euro completed its best quarter against the dollar in five years. 

 

The currency pair traded in a broad range between 1.1310 and 1.1412 before settling at 1.1380, up 0.0078 or 0.41% on the session. At session highs, the euro reached its highest level versus the greenback since mid-October. For the quarter, the euro soared by more than 4.75% against its American counterpart, building steam over the last week amid extremely dovish indications from Janet Yellen on a delayed interest rate hike by the Federal Reserve. It marked the strongest three-month period for the euro since the first quarter of 2011, when it jumped 5.8% against the dollar. EUR/USD likely gained support at 1.0538, the low from December 3 and was met with resistance at 1.1496, the high from Oct. 15. Read More - Forex Updates
 

EUR/USD likely gained support at 1.0538, the low from December 3 and was met with resistance at 1.1496, the high from Oct. 15.
 

On Friday, the second quarter will kick off with March's critical U.S. jobs report, which could provide key insight into the Federal Open Market Committee's (FOMC) decision-making process when it meets next in late-April. Earlier this week, Yellen noted that the U.S. economy has displayed remarkable resiliency as the labor market continues to exhibit dramatic improvements. Analysts expect monthly nonfarm payrolls to increase by 210,000 for the month, while the unemployment rate remains steady at 4.9%. In February, U.S. non-farm payrolls shot up by 240,000, pushing the three-month average above 225,000.

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