Investing.com - The euro slid against the dollar on Friday after investors rushed to the safety of the dollar on news industrial output disappointed in the U.S.
In U.S. trading on Friday, EUR/USD was trading down 0.41% at 1.2728, up from a session low of 1.2691, and off from a high of 1.2784.
The pair was likely to find support at 1.2691, the earlier low, and resistance at 1.2784, the earlier high.
U.S. industrial production fell unexpectedly in October, the Federal Reserve reported Friday.
Industrial production fell 0.4% following a gain of 0.2% in September, whose figure was revised down from 0.4%.
Analysts had expected industrial production to rise 0.2% in October, and the unpleasant surprise sparked a risk-off trading session that came at the euro's expense.
Superstorm Sandy disrupted business for a good chunk of the northeastern U.S. last month, which reflected in the numbers.
A separate report showed that the U.S. capacity utilization rate declined to 77.8% in October from 78.2% in September, missing expectations for an increase to 78.3%.
Elsewhere in the U.S., lawmakers met with President Barack Obama and expressed optimism afterwards that they will be able to steer the U.S. economy away from the fiscal cliff, a combination of tax hikes and spending cuts due to kick in at the same time early next year.
The nonpartisan Congressional Budget Office and private-sector economists have all forecast the U.S. to fall into a recession if policymakers fail to act and avoid the cliff.
Hopes U.S. policymakers will avert a fiscal disaster cooled dollar demand somewhat and stabilized the pair.
Meanwhile, the euro continued to come under pressure on reports that the eurozone's gross domestic product contracted 0.1% in the third quarter, following a contraction of 0.2% in the preceding quarter.
While the economy shrank less than market expectations for a 0.2% contraction, the data confirmed the currency group is in a recession.
The euro, meanwhile, was down against the pound and down against the yen, with EUR/GBP trading down 0.43% at 0.8020, and EUR/JPY trading down 0.11% at 103.62.
In U.S. trading on Friday, EUR/USD was trading down 0.41% at 1.2728, up from a session low of 1.2691, and off from a high of 1.2784.
The pair was likely to find support at 1.2691, the earlier low, and resistance at 1.2784, the earlier high.
U.S. industrial production fell unexpectedly in October, the Federal Reserve reported Friday.
Industrial production fell 0.4% following a gain of 0.2% in September, whose figure was revised down from 0.4%.
Analysts had expected industrial production to rise 0.2% in October, and the unpleasant surprise sparked a risk-off trading session that came at the euro's expense.
Superstorm Sandy disrupted business for a good chunk of the northeastern U.S. last month, which reflected in the numbers.
A separate report showed that the U.S. capacity utilization rate declined to 77.8% in October from 78.2% in September, missing expectations for an increase to 78.3%.
Elsewhere in the U.S., lawmakers met with President Barack Obama and expressed optimism afterwards that they will be able to steer the U.S. economy away from the fiscal cliff, a combination of tax hikes and spending cuts due to kick in at the same time early next year.
The nonpartisan Congressional Budget Office and private-sector economists have all forecast the U.S. to fall into a recession if policymakers fail to act and avoid the cliff.
Hopes U.S. policymakers will avert a fiscal disaster cooled dollar demand somewhat and stabilized the pair.
Meanwhile, the euro continued to come under pressure on reports that the eurozone's gross domestic product contracted 0.1% in the third quarter, following a contraction of 0.2% in the preceding quarter.
While the economy shrank less than market expectations for a 0.2% contraction, the data confirmed the currency group is in a recession.
The euro, meanwhile, was down against the pound and down against the yen, with EUR/GBP trading down 0.43% at 0.8020, and EUR/JPY trading down 0.11% at 103.62.