Euro Mixed After Eurozone Consumer Price Inflation, GDP Reports

(RTTNews) - The euro showed mixed trading against its key counterparts in European trading on Friday, following the release of mixed reports on Eurozone consumer price inflation and economic activity in the euro area.

Preliminary data from Eurostat showed that the euro area economic growth accelerated more than expected in the first quarter.

Gross domestic product climbed 0.6 percent from prior quarter, following a 0.3 percent rise in the fourth quarter. Economists had forecast the growth rate to improve marginally to 0.4 percent.

Eurozone consumer prices dropped in April on falling energy prices and a slowdown in service costs, another data from the same agency showed.

The harmonized consumer price index fell 0.2 percent annually, after staying flat in March. Prices had declined 0.2 percent in February. Economists had forecast a 0.1 percent drop for April.

Eurozone jobless rate declined for the first time in three months in March to its lowest level in four-and-a-half years, according to a separate report.

The seasonally adjusted unemployment rate dropped to 10.2 percent, the lowest figure since August 2011, when it was the same. In July that year, the rate was 10.1 percent.

Meanwhile, the European shares are lower, tracking declines on Wall Street on the back of disappointing data and weak corporate earnings.

The euro showed mixed trading against its key counterparts in Asian deals. While it held steady against the franc and the pound, it rose against the greenback. Against the yen, it declined.

In European deals, the euro remained lower near its recent 11-day low of 121.74 against the Japanese yen, compared to 122.69 hit late New York Thursday. Continuation of the euro's downtrend may see it challenging support around the 120.00 area.

Following more than a 2-week high of 1.1414 hit against the greenback in early European deals, the euro retreated to 1.1370. If the euro-greenback pair extends slide, 1.13 is likely seen as its next support level.

The euro slid to a 9-day low of 1.0956 against the Swiss franc and held steady thereafter. The pair was worth 1.0970 when it ended Thursday's trading. On the downside, 1.08 is possibly seen as the next support level for the euro.

Data from the Swiss Economic Institute showed that Swiss KOF leading index eased marginally in April.

The leading index fell slightly to 102.7 in April from 102.8 in March. The score for March was revised down from 102.5. Economists had forecast the reading to remain unchanged at 102.5.

The euro climbed to a 4-day high of 0.7806 versus the pound, up by 0.52 percent from Thursday's closing value of 0.7766. The euro-pound pair may locate resistance around the 0.79 zone.

Data from the Bank of England showed that the U.K. mortgage approvals declined to a 3-month low in March, while secured lending and consumer credit expanded strongly.

The number of mortgages approved in March fell unexpectedly to 71,357 from 73,195 in February. It was forecast to rise to 74,200.

Looking ahead, Canada GDP data for February, industrial product and raw materials price indexes for March, U.S. personal income and spending data for March, U.S. Chicago PMI for April and the University of Michigan's final U.S. consumer sentiment index for April are set to be published in the New York session.

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