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Forex - EUR/USD edges higher after German retail sales

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Investing.com - The euro edged higher against the U.S. dollar on Friday, after the release of positive German retail sales, although comments by European Central Bank President Mario Draghi earlier in the week continued to weigh.

EUR/USD hit 1.3088 during late Asian trade, the pair's highest since June 26; the pair subsequently consolidated at 1.3072, adding 0.26%.

The pair was likely to find support at 1.3000, Thursday's low and resistance at 1.2151, the high of June 25.

Official data earlier showed that German retail sales rose 0.8% in May, beating expectations for a 0.2% gain, after a 0.1% fall the previous month.

But sentiment on the single currency remained vulnerable after ECB President Draghi said Wednesday that monetary policy will remain accommodative for the foreseeable future.

Meanwhile, expectations for the Federal Reserve to maintain its current stimulus program weighed on the dollar, after the Department of Labor on Thursday said the number of people who filed for unemployment assistance in the U.S. last week fell by 9,000 to a seasonally adjusted 346,000, compared to expectations for a drop of 10,000 to 345,000.

The euro also higher against the pound with EUR/GBP edging up 0.16%, to hit 0.8559.

Later in the day, the U.S. was to release a report on manufacturing activity in Chicago and revised data from the University of Michigan on consumer sentiment.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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