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Euro a little higher against U.S. dollar

Euro a little higher against U.S. dollar

The euro moved a little higher on Friday against the dollar, which slipped despite better-than-expected U.S. economic data the previous day.
The euro bought US$1.3163 in morning European trading, up from US$1.3146 in New York late Thursday. The British pound, however, slipped to US$1.9613 from US$1.9628.
The dollar was little changed against the Japanese currency, slipping to 118.90 yen from 118.93 yen.
The U.S. currency had narrowed previous losses against the euro on Thursday following news of a smaller-than-expected rise in new unemployment claims, improved consumer confidence and rising sales of previously owned homes.
The euro traded as high as US$1.3183 in Friday's session, but its gains were blunted by a survey showing a slip in consumer confidence in Germany, Europe's biggest economy, before an upcoming rise in value-added tax.
"There's very little (data) scheduled for release today as we move toward another long weekend break, so once again direction is going to be difficult to call and thinner volumes also stand to accentuate any volatility," said David Jones, chief markets analyst at CMC Markets.
The euro has been helped recently by expectations, fueled by U.S. data, that the gap between European and U.S. interest rates will continue to narrow.
Higher interest rates, a weapon against inflation, support a currency by making assets denominated in that currency more attractive to investors.


Updated : 2021-04-15 05:23 GMT+08:00