ICM Brokers | Aug 19, 2013 03:27AM ET
The euro turned lower against the dollar on Friday as uncertainty over when the Federal Reserve will start to pull back its stimulus measures dented market sentiment. Safe haven demand for the dollar was boosted on Friday after the University of Michigan said its consumer sentiment index fell from a six-year high of 85.1 in July to 80.0 in August. Economists had expected the index to tick up to 85.5. Separate reports showed that U.S. housing starts rose less-than-expected in July and building permits also fell short of expectations last month. Eurostat said the euro zone’s economy expanded by 0.3% in the three months to June. Economists had expected quarter-on-quarter growth of 0.2%. France’s economy expanded 0.5%, following two consecutive quarters of contraction, while Germany’s economy expanded by a larger than forecast 0.7%.
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