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Forex - EUR/USD trims gains but still supported after U.S. data

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Investing.com -

Investing.com - The euro trimmed gains against the U.S. dollar on Friday, but remained supported as the release of mixed U.S. economic reports dampened optimism over the strength of the country's economic recovery, weighing on demand for the greenback.

EUR/USD pulled away from 1.3638, the pair's highest since May 27, to hit 1.3622 during U.S. morning trade, still up 0.15%.

The pair was likely to find support at 1.3586, Thursday's low and resistance at 1.3668, the high of May 27.

In a revised report, the University of Michigan said its consumer sentiment index ticked up to 81.9 this month, from a reading of 81.8 in April. Analysts had expected the index to rise to 82.5 in May.

Separately, data showed that the Chicago purchasing managers' index rose to a seven-month high of 65.5 in May, from 63.0 in March, confounding expectations for a fall to 61.0.

The report came after data showed that personal spending in the U.S. fell 0.1% last month, compared to expectations for a 0.2% rise, after a 1% increase in March, whose figure was revised from a previously estimated 0.9% gain.

U.S. core ersonal consumption expenditures, which exclude food and energy, rose 0.2% in April, in line with expectations, after a 0.2% increase the previous month.

In the euro zone, official data earlier showed that German retail sales fell 0.9% last month, confounding expectations for a 0.4% rise, after a 0.1% uptick in April, whose figure was revised from a previously estimated 0.7% fall.

The euro was fractionally lower against the pound, with EUR/GBP edging down 0.07% to 0.8131.

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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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