Investing.com - The euro turned slightly higher against the U.S. dollar in light trade on Friday, as upbeat U.S. economic growth data supported risk-related assets, while the Federal Reserve's decision to begin tapering its stimulus program next month continued to support the greenback.
EUR/USD hit 1.3675 during U.S. morning trade, the session high; the pair subsequently consolidated at 1.3671, edging up 0.07%.
The pair was likely to find support at 1.3544, the low of December 5 and resistance at 1.3694, Thursday's high.
Official data showed that U.S. gross domestic product expanded by 4.1% in the third quarter, above initial estimates for 3.6% growth.
The dollar remained supported after the Fed announced Wednesday that it would reduce its USD85 billion-a-month bond buying program by USD10 billion in January. Outgoing Fed Chairman Ben Bernanke said the economy was continuing to make progress.
The U.S. central bank reiterated that interest rates are likely to remain low even after the unemployment rate drops below 6.5%, the threshold at which the Fed has previously said it would start to consider rate increases.
In the euro zone, data earlier showed that the Gfk German consumer climate index rose to 7.6 in December, from a reading of 7.4 the previous month. Analysts had expected the index to remain unchanged this month.
A separate report showed that German producer price inflation fell 0.1% in November, in line woth expectations, after a 0.2% decline the previous month.
The euro was higher against the pound, with EUR/GBP edging up 0.18% to 0.8358.
EUR/USD hit 1.3675 during U.S. morning trade, the session high; the pair subsequently consolidated at 1.3671, edging up 0.07%.
The pair was likely to find support at 1.3544, the low of December 5 and resistance at 1.3694, Thursday's high.
Official data showed that U.S. gross domestic product expanded by 4.1% in the third quarter, above initial estimates for 3.6% growth.
The dollar remained supported after the Fed announced Wednesday that it would reduce its USD85 billion-a-month bond buying program by USD10 billion in January. Outgoing Fed Chairman Ben Bernanke said the economy was continuing to make progress.
The U.S. central bank reiterated that interest rates are likely to remain low even after the unemployment rate drops below 6.5%, the threshold at which the Fed has previously said it would start to consider rate increases.
In the euro zone, data earlier showed that the Gfk German consumer climate index rose to 7.6 in December, from a reading of 7.4 the previous month. Analysts had expected the index to remain unchanged this month.
A separate report showed that German producer price inflation fell 0.1% in November, in line woth expectations, after a 0.2% decline the previous month.
The euro was higher against the pound, with EUR/GBP edging up 0.18% to 0.8358.