Investing.com - The euro was little changed against the U.S. dollar on Friday, after the release of disappointing U.S. consumer sentiment data, as the outcome of ongoing U.S. budget negotiations continued to dominate market sentiment.
EUR/USD hit 1.3582 during U.S. morning trade, the pair's highest since Wednesday; the pair subsequently consolidated at 1.3555, adding 0.26%.
The pair was likely to find support at 1.3478, the low of September 30 and resistance at 1.3607, the high of October 8.
In a preliminary report, the University of Michigan said its consumer sentiment index for October fell to 75.2, from a reading of 77.5 in September, confounding expectations for a downtick to 76.0.
The University of Michigan also said inflation expectations for this month declined to 2.9%, from 3.3% in September.
Meanwhile, hopes for progress on the U.S. budget front lifted sentiment after Republicans on Thursday offered to extend the government's borrowing authority for several weeks, temporarily putting off a default, while Obama was pushing to also reopen government operations that have been closed since October 1.
No deal emerged after a 90-minute meeting between President Barack Obama and Republican leaders, but talks continued into the night.
U.S. Treasury Secretary Jack Lew reiterated Thursday that the U.S. will reach its debt ceiling on October 17 and warned that the political crisis is starting to hurt the economy. The comments came during testimony to the Senate finance committee.
The euro was also higher against the pound with EUR/GBP gaining 0.35%, to hit 0.8497.
EUR/USD hit 1.3582 during U.S. morning trade, the pair's highest since Wednesday; the pair subsequently consolidated at 1.3555, adding 0.26%.
The pair was likely to find support at 1.3478, the low of September 30 and resistance at 1.3607, the high of October 8.
In a preliminary report, the University of Michigan said its consumer sentiment index for October fell to 75.2, from a reading of 77.5 in September, confounding expectations for a downtick to 76.0.
The University of Michigan also said inflation expectations for this month declined to 2.9%, from 3.3% in September.
Meanwhile, hopes for progress on the U.S. budget front lifted sentiment after Republicans on Thursday offered to extend the government's borrowing authority for several weeks, temporarily putting off a default, while Obama was pushing to also reopen government operations that have been closed since October 1.
No deal emerged after a 90-minute meeting between President Barack Obama and Republican leaders, but talks continued into the night.
U.S. Treasury Secretary Jack Lew reiterated Thursday that the U.S. will reach its debt ceiling on October 17 and warned that the political crisis is starting to hurt the economy. The comments came during testimony to the Senate finance committee.
The euro was also higher against the pound with EUR/GBP gaining 0.35%, to hit 0.8497.