Investing.com - The euro edged higher against the U.S. dollar on Friday, after the release of downbeat U.S. manufacturing data, while fresh concerns over the strength of the economic recovery in the euro zone continued to weigh on demand for the single currency.
EUR/USD hit 1.3469 during European afternoon trade, the session high; the pair subsequently consolidated at 1.3470, edging up 0.09%.
The pair was likely to find support at 1.3359, the low of November 12 and resistance at 1.3548, the high of November 6.
In a report, the Federal Reserve of New York said its maufacturing activity index declined to minus 2.2 in November, from a reading of 1.5 the previous month, confounding expectations for a rise to 5.
A separate report showed that U.S. import prices fell 0.7% in October, compared to expectations for a 0.4% downtick, after a downwardly revised 0.1% rise the previous month.
The data came after Federal Reserve Chair nominee Janet Yellen on Thursday defended the central bank's stimulus measures to bolster growth and called efforts to boost hiring an "imperative".
Answering questions before the Senate Banking Committee, Yellen said she would press forward with the central bank's ultra-easy monetary policy until officials were confident a durable economic recovery was in place that could sustain job creation.
The comments added to expectations that the Fed's monthly bond purchases may remained unchanged for an extended period of time.
In the euro zone, official data earlier showed that consumer price inflation remained unchanged in October at an annualized rate of 0.7%, in line with expectations.
Core consumer price inflation, which excludes food, energy, alcohol, and tobacco, ticked down to 0.8% from a year earlier, from an upwardly revised rate of 1% in September, in line with market expectations.
The euro had weakened on Thursday after data showed that the euro zone economy expanded by 0.1% in the three months to September, slowing from the 0.3% growth achieved in the second quarter when the euro zone exited a recession. Economist had forecast quarter-on-quarter growth of 0.2%.
The single currency was fractionally higher against the pound with EUR/GBP adding 0.07%, to hit 0.8381.
Later in the day, the U.S. was to release data on industrial production.
EUR/USD hit 1.3469 during European afternoon trade, the session high; the pair subsequently consolidated at 1.3470, edging up 0.09%.
The pair was likely to find support at 1.3359, the low of November 12 and resistance at 1.3548, the high of November 6.
In a report, the Federal Reserve of New York said its maufacturing activity index declined to minus 2.2 in November, from a reading of 1.5 the previous month, confounding expectations for a rise to 5.
A separate report showed that U.S. import prices fell 0.7% in October, compared to expectations for a 0.4% downtick, after a downwardly revised 0.1% rise the previous month.
The data came after Federal Reserve Chair nominee Janet Yellen on Thursday defended the central bank's stimulus measures to bolster growth and called efforts to boost hiring an "imperative".
Answering questions before the Senate Banking Committee, Yellen said she would press forward with the central bank's ultra-easy monetary policy until officials were confident a durable economic recovery was in place that could sustain job creation.
The comments added to expectations that the Fed's monthly bond purchases may remained unchanged for an extended period of time.
In the euro zone, official data earlier showed that consumer price inflation remained unchanged in October at an annualized rate of 0.7%, in line with expectations.
Core consumer price inflation, which excludes food, energy, alcohol, and tobacco, ticked down to 0.8% from a year earlier, from an upwardly revised rate of 1% in September, in line with market expectations.
The euro had weakened on Thursday after data showed that the euro zone economy expanded by 0.1% in the three months to September, slowing from the 0.3% growth achieved in the second quarter when the euro zone exited a recession. Economist had forecast quarter-on-quarter growth of 0.2%.
The single currency was fractionally higher against the pound with EUR/GBP adding 0.07%, to hit 0.8381.
Later in the day, the U.S. was to release data on industrial production.