Investing.com - The euro slid lower against the U.S. dollar on Friday, as markets were jittery ahead of a preliminary report on euro zone third quarter growth due later in the day and as Thursday's inflation data continued to weigh.
EUR/USD hit 1.2427 during late Asian trade, the session low; the pair subsequently consolidated at 1.2435, shedding 0.33%.
The pair was likely to find support at 1.2357, the low of November 7 and a 26-month low and resistance at 1.2568, the high of November 5.
The euro came under pressure on Thursday after data showed that inflation in Germany remained weak in October, indicating that the euro zone economy is still at risk from persistently low levels of inflation.
Earlier Friday, a preliminary report showed that Germany's gross domestic product rose 0.1% in the last quarter, in line with expectations, after a revised 0.1% contraction in the three months to June.
France's economy grew 0.3% in the thrid quarter, according to another preliminary report, exceeding expectations for growth of 0.1%, after a contraction of 0.1% in the previous quarter.
Meanwhile, the dollar recovered from mild losses posted after the Labor Department reported on Thursday that the number of people filing for initial jobless benefits in the week ending November 8 increased by 12,000 to 290,000 from the previous week’s total of 278,000.
Analysts had expected jobless claims to rise by 4,000.
Market participants were now eyeing data on U.S. retail sales and consumer sentiment due later in the day for further indications on the strength of the economic recovery.
The euro was flat against the pound, with EUR/GBP at 0.7942.