Investing.com - " The euro was little changed against the U.S.
dollar on Friday, still hovering near two-year highs after the
release of downbeat U.S. consumer sentiment data as investors
remained focused on the Federal Reserve's upcoming policy decision.
EUR/USD hit 1.3775 during U.S. morning trade, the session low; the
pair subsequently consolidated at 1.3796, inching down 0.03%.
The pair was likely to find support at 1.3792, the low of October
22 and resistance at 1.4246, the high of October 1, 2011.
In a revised report, the Universtiy of Michigan said its consumer
sentiment index fell to 73.2 this month, from a reading of 75.2 in
September, compared to expectations for a downtick to 75.0.
The University of Michigan also said inflation expectations ticked
up to 3.0% in October, from 2.9% the previous month.
The data came after the Census Bureau said that U.S. core durable
goods orders, which exclude transportation items, fell 0.1% in
September, confounding expectations for a 0.5% rise, after a 0.1%
decline the previous month.
U.S. durable goods orders rose 3.7% last month, exceeding
expectations for a 2% increase, after a 0.1% rise in August.
The dollar remained under broad selling pressure after
disappointing U.S. employment reports this week added to
expectations that the Fed will delay tapering its stimulus program
until next year amid concerns over the impact of the 16-day U.S.
government shutdown on the economic recovery.
On Thursday, the U.S. Department of Labor said the number of
individuals filing for initial jobless benefits declined by a lower
than expected 12,000 last week to 350,000, while a separate report
earlier in the week showed that U.S. jobs growth slowed in
In the euro zone, the Ifo Institute for Economic Research said
Germany's business climate index fell to 107.4 in October, from a
reading of 107.7 the previous month, confounding expectations for a
rise to 108.0.
The euro was fractionally higher against the pound with EUR/GBP up
0.08%, to hit 0.8525.
Also Friday, preliminary data showed that the U.K. gross domestic
product rose 0.8% in the third quarter, in line with expectations
and up from 0.7% in the previous quarter.
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