Euro Rises Further After German GDP Data

The euro rose further against the other major currencies ahead of European session on Friday, after data showed that Germany's economic growth expanded at a slower pace in the first quarter.

Data from Destatis showed that Germany's gross domestic product grew 0.3 percent sequentially in the first quarter, slower than the 0.7 percent expansion seen in the fourth quarter.

Likewise, annual growth slowed to 1.1 percent from 1.6 percent in the prior quarter. This was the slowest growth since the second quarter of 2014. The calendar-adjusted GDP also grew at a slower pace of 1 percent after rising 1.4 percent a quarter ago.

The euro rose to a 2-day high of 1.0426 against the Swiss franc, from yesterday's closing value of 1.0408.

Moving away from an early near 2-1/2-month low of 0.7089 against the pound, the euro advanced to 0.7116.

Against the yen, the U.S. dollar and the Canadian dollar, the euro edged up to 134.86, 1.1163 and 1.3593 from yesterday's closing quotes of 134.45, 1.1110 and 1.3542, respectively.

Against the Australia dollar, the euro edged up to 1.4088 from yesterday's closing quote of 1.4066.

The euro climbed to 1.5115 against the NZ dollar, from an early 8-day low of 1.5041.

If the euro extends its uptrend, it is likely to find resistance around 1.06 against the franc, 0.74 against the pound, 138.00 against the yen, 1.14 against the greenback, 1.42 against the loonie, 1.45 against the aussie and 1.55 against the kiwi.