On Friday the euro erased gains against the U.S. dollar, as U.S.
durable goods orders data lent support to the greenback, despite
an upbeat report on Germany's business climate which continued to boost the
single currency.
EUR/USD stepped off the 1.0899 level, the pair's highest since April 7, to hit 1.0820 during U.S. morning trade, steady for the day. The pair was likely to find support at 1.0664, Thursday's low and resistance at 1.0957, the high of April 7.
U.S. durable goods orders rose 4.0% in March, beating expectations for a 0.6% gain.after a 1.4% decline the previous month, as official data showed. Core durable goods orders, which exclude transportation items, dropped 0.2% in April, confounding expectations for a 0.3% rise. February's figure wad revised to a 1.3% decline from a previously estimated 0.6% fall.
Earlier, a recent run of negative U.S. economic reports
prompted investors to push back expectations for a rate hike by the
Federal Reserve, which put the US currency under pressure.
The euro was firm after the Ifo Institute of Economic Research earlier reported that Germany's business climate index rose to a 10-month high of 108.6 in April from 107.9 in March, surpassing expectations for an uptick to 108.4.
The common curency was lower against the pound, with EUR/GBP sliding 0.48% to 0.7153.
