Investing.com - The euro rose against the dollar on Friday on comments out of Greece the embattled country wants to stick with the euro despite widespread criticism of austerity measures taken to stay in the currency zone.
In U.S. trading on Friday , EUR/USD was trading up 0.06% at 1.2944, up from a session low of 1.2906, and off from a high of 1.2957.
The pair was likely to test support at 1.2906, the earlier low, and resistance at 1.3066, the high of May 7.
Despite a political stalemate in Greece, reports emerged Friday that most major political parties favor sticking with the euro.
Greece has agreed to harsh and politically popular austerity measures in exchange for bailout money from the European Commission, the European Central Bank and the International Monetary Fund.
Recent parliamentary elections left no one party able to construct a coalition government, which bruised the euro, although politicians still have some time to come to an agreement by next week to avoid a new round of elections.
Greek conservative leader Antonis Samaras said consensus is building that major political parties want to stick with the euro despite recent calls from leftist Alexis Tsipras, who declared the bailout deal null and void and called for a moratorium on debt payments.
Tsipras later tempered his comments, pointing out that abandoning the euro would be bad for Greece although he stood by comments that austerity measures weren't helping the country.
The dollar did see support, as U.S. consumer sentiment hit a 4-year high.
The Thomson Reuters/University of Michigan's preliminary May consumer sentiment index reading jumped to 77.8 from 76.4 in April, outpacing expectations for 76.2.
The market was still digesting news that U.S. financial titan JPMorgan Chase & Co reported a USD2 billion trading loss, which fueled some demand for the greenback among investors seeking safe harbor.
The euro, meanwhile, was up against the pound and down against the yen, with EUR/GBP up 0.45% at 0.8048 and EUR/JPY trading down 0.05% at 103.36.
In U.S. trading on Friday , EUR/USD was trading up 0.06% at 1.2944, up from a session low of 1.2906, and off from a high of 1.2957.
The pair was likely to test support at 1.2906, the earlier low, and resistance at 1.3066, the high of May 7.
Despite a political stalemate in Greece, reports emerged Friday that most major political parties favor sticking with the euro.
Greece has agreed to harsh and politically popular austerity measures in exchange for bailout money from the European Commission, the European Central Bank and the International Monetary Fund.
Recent parliamentary elections left no one party able to construct a coalition government, which bruised the euro, although politicians still have some time to come to an agreement by next week to avoid a new round of elections.
Greek conservative leader Antonis Samaras said consensus is building that major political parties want to stick with the euro despite recent calls from leftist Alexis Tsipras, who declared the bailout deal null and void and called for a moratorium on debt payments.
Tsipras later tempered his comments, pointing out that abandoning the euro would be bad for Greece although he stood by comments that austerity measures weren't helping the country.
The dollar did see support, as U.S. consumer sentiment hit a 4-year high.
The Thomson Reuters/University of Michigan's preliminary May consumer sentiment index reading jumped to 77.8 from 76.4 in April, outpacing expectations for 76.2.
The market was still digesting news that U.S. financial titan JPMorgan Chase & Co reported a USD2 billion trading loss, which fueled some demand for the greenback among investors seeking safe harbor.
The euro, meanwhile, was up against the pound and down against the yen, with EUR/GBP up 0.45% at 0.8048 and EUR/JPY trading down 0.05% at 103.36.