Investing.com

Investing.com - The euro remained lower against the U.S. dollar on Friday, as investors remained cautious ahead of speech by European Central Bank President Mario Draghi later in the day and as traders locked in profits following the single currency''s recent rally against the greenback.



EUR/USD hit 1.3663 during U.S. morning trade, the session low; the pair subsequently consolidated at 1.3672, slipping 0.17%.



The pair was likely to find support at 1.3581, the low of January 15 and resistance at 1.3775, the high of January 2.



The euro rose to more than three-week highs against the dollar on Thursday, after data showed that U.S. initial jobless claims rose in line with expectations last week, but the number of continuing jobless claims remained above the three million mark for the second successive week.

A separate report showed that U.S. factory output fell to a three-month low in January, due to disruption from unseasonable cold weather.



The single currency also strengthened after a larger than expected increase in euro zone private sector activity this month indicated that the recovery in the euro area is strengthening.



On Thursday, Markit said the euro zone’s composite output index rose to a 31-month high of 53.2 in January, up from a final reading of 52.1 in December, as growth picked up in Germany and the rate of decline eased in France.



The euro was higher against the pound, with EUR/GBP climbing 0.73% to 0.8292.



Also Friday, the British Bankers'' Association said U.K. mortgage approvals rose by GBP46,500 in December, less than the expected 47,200 increase, after an upwardly revised 45,400 rise the previous months.





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