Investing.com - The euro was steady against the U.S. dollar on Friday, as Federal Reserve Chair nominee Janet Yellen's dovish remarks on Thursday supported sentiment, although economic data out of the euro zone limited the single currency's gains.
EUR/USD hit 1.3445 during late Asian trade, the session low; the pair subsequently consolidated at 1.3457, inching down 0.01%.
The pair was likely to find support at 1.3347, the low of November 11 and resistance at 1.3548, the high of November 6.
In a Senate hearing on Thursday, Yellen defended the Fed's stimulus measures to bolster growth and called efforts to boost hiring an "imperative". The comments added to expectations that the Fed's monthly bond purchases may remained unchanged for an extended period of time.
Meanwhile, sentiment on the euro remained vulnerable after data on Thursday 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 euro zone economy contracted at an annual rate of 0.4% in the third quarter, worse than expectations for a 0.3% contraction, after shrinking at an annual rate of 0.6% in the previous quarter.
The euro was lower against the pound with EUR/GBP slipping 0.14%, to hit 0.8365.
Later in the day, the U.S. was to release data on manufacturing activity in the New York region, as well as reports on industrial production and import prices.
EUR/USD hit 1.3445 during late Asian trade, the session low; the pair subsequently consolidated at 1.3457, inching down 0.01%.
The pair was likely to find support at 1.3347, the low of November 11 and resistance at 1.3548, the high of November 6.
In a Senate hearing on Thursday, Yellen defended the Fed's stimulus measures to bolster growth and called efforts to boost hiring an "imperative". The comments added to expectations that the Fed's monthly bond purchases may remained unchanged for an extended period of time.
Meanwhile, sentiment on the euro remained vulnerable after data on Thursday 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 euro zone economy contracted at an annual rate of 0.4% in the third quarter, worse than expectations for a 0.3% contraction, after shrinking at an annual rate of 0.6% in the previous quarter.
The euro was lower against the pound with EUR/GBP slipping 0.14%, to hit 0.8365.
Later in the day, the U.S. was to release data on manufacturing activity in the New York region, as well as reports on industrial production and import prices.