Forex - EUR/USD edges higher after positive E.Z. data

Forex

The euro edged higher against the U.S. dollar on Friday, after euro zone economic growth data came out in line with expectations and industrial production data was higher than anticipated.

EUR/USD hit 1.1159 during European morning trade, the session high; the pair subsequently consolidated at 1.1150, up 0.12%.

The pair was likely to find support at 1.1066, the low of August 9 and resistance at 1.1194, Thursday’s high.

Eurostat said that euro zone gross domestic product rose 0.3% in the second quarter, unchanged from the previous quarter and in line with consensus forecasts.

Year-on-year, GDP in the single currency bloc rose 1.6% in the second quarter, matching both the expansion in the first three months of the year and the forecast.

The data was released after Germany surprised markets earlier on Friday with growth of 0.4% in the second quarter, compared to the 0.2% increase expected.

A separate report showed that euro zone industrial production rose 0.6% in June, beating expectations for a 0.5% gain and after a 1.2% decline the previous month.

Investors were looking ahead to U.S. retail sales and consumer sentiment reports due later Friday for further hints on the timing of the Federal Reserve’s next rate hike.

The euro was also higher against the pound, with EUR/GBP adding 0.17% to 0.8613.

Source by Investing.com