Investing.com

Investing.com - The euro held steady against the U.S. dollar on Friday, easing off two-and-a-half month lows although Thursday''s disappointing economic growth data coupled with expectations for further easing by the European Central Bank continued to weigh.



EUR/USD hit 1.3720 during late Asian trade, the session high; the pair subsequently consolidated at 1.3713, inching up 0.01%.



The pair was likely to find support at 1.3648, Thursday''s low and resistance at 1.3771, the high of May 13.



Sentiment on the single currency remained vulnerable after data on Thursday showed that the euro zone’s gross domestic product grew just 0.2% in the first quarter, compared to expectations for growth of 0.4%. On a year-over-year basis the bloc’s economy expanded 0.9%, falling short of expectations for growth of 1.1%.



A separate report showed that the bloc''s annual rate of inflation was unchanged at 0.7% in April, in line with forecasts, but still well below the ECB''s target of close to but just under 2%.



Meanwhile, demand for the greenback remained supported after a string of upbeat U.S. economic reports on Thursday, including jobless claims and manufacturing activity in New York and Philadelphia.



The euro was steady against the pound, with EUR/GBP easing up 0.01% to 0.8167.



Later in the day, the U.S. was to release data on building permits and housing starts, as well as a preliminary reading on consumer sentiment from the University of Michigan.





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