Investing.com - The dollar rose against the euro on Friday as investors brushed off the Federal Reserve''s dovish monetary policy statement issued earlier this week and snapped up nicely-priced positions in the greenback.
In U.S. trading, EUR/USD was down 0.18% at 1.3584, up from a session low of 1.3564 and off a high of 1.3643.
The pair was likely to find support at 1.3513, Monday''s low, and resistance at 1.3643, Thursday''s high.
The Federal Reserve on Wednesday left benchmark interest rates unchanged at 0.00-0.25% and cut its monthly bond-buying program to $35 billion from $45 billion in widely expected move.
The dollar weakened, however, after the U.S. central bank stopped short of offering a timetable as to when interest rates may rise.
Markets viewed the Fed''s language as somewhat dovish.
"It likely will be appropriate to maintain the current target range for the federal funds rate for a considerable time after the asset purchase program ends, especially if projected inflation continues to run below the Committee''s 2 percent longer-run goal, and provided that longer-term inflation expectations remain well anchored," the Fed said in its Wednesday policy statement.
Bottom fishers, however, brought the dollar back up against the euro on Friday as the U.S. economy is still on the road to recovery.
Meanwhile in the euro zone, official data earlier showed that German producer price inflation fell 0.2% last month, compared to expectations for a 0.2% rise, after a 0.1% downtick in April.
Elsewhere, the euro was up against the pound, with EUR/GBP up 0.04% at 0.7988, and up against the yen, with EUR/JPY up 0.03% at 138.76.
Also on Friday, official data revealed that U.K. public-sector net borrowing rose to £11.48 billion in May from a upwardly revised £9.00 billion the previous month. Analysts had expected public sector net borrowing to rise to £12.00 billion last month.
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