The euro showed mixed performance against its major counterparts as investors look forward to the Euro-zone preliminary third quarter GDP report.
While the euro gained against the dollar and the franc, it plummeted to a 4-day low against the yen and the pound.
24-Hour Online Forex Trading. Start with FREE practice account
Euro-zone's third quarter GDP figures are due. The Euro-zone economy is widely expected to exit recession and is forecast to expand 0.5% sequentially in the third quarter, rebounding from the 0.2% shrinkage in the last quarter.
On a yearly basis, the GDP is expected to fall 3.9%, following the 4.8% drop in the second quarter.
The euro, which closed yesterday's trading at 1.4845 against the dollar rose to 1.4903 in early deals on Friday. The near term resistance for the euro-dollar pair is seen at 1.502.
During early trading on Friday, the euro climbed to a 3-day high of 1.5117 against the Swiss franc. This may be compared to yesterday's close of 1.5108. On the upside, 1.513 is seen as the next target level for the euro-franc pair.
The euro declined to a 4-day low of 0.8924 against the pound in early trading on Friday. If the European currency slides further, it may target the 0.890 level. At yesterday's close, the euro-pound pair was quoted at 0.8958.
The euro plunged against the yen after reaching a high of 134.47. As of now, the euro-yen pair is trading at a 4-day low of 133.63, compared to 134.12 hit late New York Thursday. The next downside target level for the pair is seen at 133.2.
