Euro advanced against the US dollar on Friday after the release of German retail sales data, but the single currency was still under the influence of European Central Bank President Mario Draghi comments earlier this week.
EUR/USD cross hit 1.3075 at 6:01 GMT, currently the session high, after which consolidation followed at 1.3055. Support was expected at psychological 1.3000 level, while resistance was to be encountered at June 25th high, 1.3151.
It was reported earlier on Friday that Retail Sales in Germany rose by 0.8% in May on a monthly basis, surprisingly to experts, who suggested a 0.4% rise, while in April sales dropped by 0.1%. In annual terms, retail sales also exceeded expectations, rising 0.4% in May, while experts predicted a 0.2% increase.
Pressure on the euro was still present, after ECB President Draghi stated on Wednesday, that banks monetary policy will remain accommodative in the foreseeable future.
Meanwhile, demand for the US dollar was supported on expectations that the Federal Reserve will maintain its easing measures. On Thursday the Department of Labor in the United States reported that the number of people, filed for unemployment assistance, in the country decreased to 346 000 during the week, ending on 22.06.2013. Experts had projected that jobless claims would fall to 345 000.
Additionally, Pending Home Sales in the US increased in May, reaching a six-year high. The index rose by 6.7% in May from a revised down -0.5% in April.
The euro advanced to higher levels against the British pound as well, with EUR/GBP cross up by 0.16% to 0.8559.
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