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Forex – Euro rises to 2-1/2 highs vs. dollar

Investing.com –

Investing.com – The euro rose to two-and-a-half week highs against the U.S. dollar on Friday, as downbeat U.S. economic reports dampened demand for the greenback and concerns over declining oil prices persisted.

EUR/USD hit 1.0984 during U.S. morning trade, the pair’s highest since December 29; the pair subsequently consolidated at 1.0958, climbing 0.88%.

The pair was likely to find support at 1.0832, Thursday’s low and resistance at 1.1007, the high of December 16.

The University of Michigan said its consumer sentiment index rose to 93.3 this month from 92.6 in December, beating expectations for a rise to 93.0.

The report came after the U.S. Census Bureau said retail sales fell 0.1% in December, compared to expectations for a 0.1% rise. Retail sales increased by 0.4% in November, whose figure was revised from a previously estimated 0.2% gain.

Core retail sales, which exclude automobiles, slipped 0.1% last month, disappointing expectations for a 0.2% gain.

A separate report showed that the U.S. producer price index slipped 0.2% in December, in line with expectations. Core PPI, which excludes food and energy, inched up 0.1% last month, in line with expectations.

In addition, the Federal Reserve of New York said its Empire State manufacturing index deteriorated to minus 19.37 this month from minus 6.21 in December, whose figure was revised from a previously estimated reading of minus 4.59.

Analysts had expected the index to improve to minus 4.00 in January.

Data also showed that U.S. industrial production declined by 0.4% in December, compared to expectations for a 0.2% downtick.

Manufacturing production fell 0.1% last month after a 0.1% slip in November.

Meanwhile, investors continued to focus on the oil market as Brent crude, the global benchmark, fell below the $30 per barrel threshold on Friday, the lowest level since 2004, pressured by concerns over a global supply glut.

The euro was also sharply higher against the pound, with EUR/GBP jumping 1.28% to 0.7637.

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