Investing.com - The euro held steady against the U.S. dollar on
Friday, as disappointing U.S. consumer sentiment data did little to
support demand for the greenback, while concerns over violence in
Irak continued to weigh.
EUR/USD hit 1.3530 during U.S. morning trade, the session low;
the pair subsequently consolidated at 1.3544, down 0.06%.
The pair was likely to find support at 1.3503, the low of June 5
and a four-month low and resistance at 1.3602, the high of June
In a preliminary report, the University of Michigan said its
consumer sentiment index fell to 81.2 this month from 81.9 in May,
whose figure was revised up from a previously estimated reading of
81.8. Analysts had expected the index to rise to 83.0 in June.
Earlier Friday, official data showed that U.S. producer price
inflation fell 0.2% in May, confounding expectations for a 0.1%
rise, after a 0.6% increase the previous month.
Core producer price inflation, which excludes food, energy and
trade, slipped 0.1% last month, compared to expectations for an
increase of 0.1%, after a 0.5% rise in April.
Meanwhile, market sentiment remained under pressure after U.S.
President Barack Obama warned of possible military strikes in Iraq
after a rebellion led by a Sunni Islamist group continued to spread
rapidly through the country.
Late on Thursday, Kurdish forces in the north took control of
Kirkuk to protect it from the Islamists.
The single currency had found some support on Thursday after
data showed that industrial production in the euro zone increased
by 0.8% in April, above forecasts for a 0.4% gain. Industrial
production in March was revised down to a decline of 0.4% from a
previously reported drop of 0.3%.
The euro was lower against the pound, with EUR/GBP shedding
0.24% to 0.7987.
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