The euro extends its gains in the Asian session

For the 24-hour period at 23:00 GMT, the euro rose 0.46% from the USD and closed at 1.1745 on Friday, after German industrial production rose at a faster pace than expected in May.

Seasonally adjusted industrial production of Germany rebounded 2.6% on a monthly basis in May, exceeding market expectations for an increase of 0.3%. In the previous month, industrial production posted a revised decline of 1.3%.

The US dollar weakened against the basket of currencies on Friday, following the rise in the unemployment rate and the slowdown in wage growth.

unexpectedly increased to 4.0% in June, compared to a rate of 3.8% the previous month. Market participants had anticipated the unemployment rate to record a regular reading. In addition, average hourly wages for all employees increased 0.2% in June, thereby underestimating market expectations by 0.3%. Average hourly earnings for all employees rose 0.3% in the previous month. In contrast, the non-farm payroll increased by 213.0 K in June, more than market expectations for an advance of 195.0 K. The non-farm payroll had recorded a revised increase of 244.0K the previous month . In addition, the trade deficit narrowed to $ 43.1 billion in May, a low level for 19 months, due to growing fears of retaliatory tariffs and more than market expectations for a trade deficit. $ 43.6 billion. In the previous month, the trade deficit registered a revised figure of $ 46.1 billion

. In Asian session, at GMT0300, the pair is trading at 1.1759, with the EUR trading 0.12% against the USD since Friday's close. [19659002] The pair should find support at 1.1705, and a fall could bring it to the next support level of 1.1651. The pair should find its first resistance at 1.1790, and a rise could bring it to the next resistance level of 1.1821.

Investors would keep an eye on the Sentix investor confidence index of the euro zone for July and August. Data from Germany's trade balance for May, should be released in a few hours. Later in the day, US consumer credit for May, will keep investors on their toes.

The currency pair trades above its moving averages of 20 hours and 50 hours.