EUR/USD holds steady after strong UoM report

The euro held steady against the U.S. dollar in subdued trade on Friday, as the release of upbeat U.S. data boosted demand for the greenback, but sentiment on the single currency still remained supported.

EUR/USD hit 1.3863 during U.S. morning trade, the session low; the pair subsequently consolidated at 1.3881, easing 0.03%.

The pair was likely to find support 1.3810, the low of March 19 and resistance at 1.3933, the high of March 19.

In a preliminary report, the University of Michigan said its consumer sentiment index rose to 82.6 in April, from a reading of 80.0, compared to expectations for a rise to 81.0.

Separately, official data showed that U.S. producer price inflation rose 0.5% in March, exceeding expectations for a 0.1% gain, after a 0.1% fall the previous month.

Core producer price inflation, which excludes food, energy and trade, advanced 0.6% last month, compared to expectations for a 0.2% rise, after a 0.2% decline in February.

Meanwhile, the euro remained mildly supported after Greece made a successful return to the financial markets on Thursday, raising €3 billion in its first bond auction since 2010, when Athens sought its first bailout.

The euro was higher against the pound, with EUR/GBP adding 0.27% to 0.8297.