Forex - EUR/USD pushes lower after positive U.S. data

The euro pushed lower against the U.S. dollar on Friday, after the release of positive U.S. data added to expectations for the Federal Reserve to scale down its stimulus program later this year. 

EUR/USD hit 1.3299 during European afternoon trade, the session low; the pair subsequently consolidated at 1.3302, declining 0.55%. 

The pair was likely to find support at 1.3233, the low of June 11 and resistance at 1.3375, the session high. 

Official data showed that U.S. producer price inflation, including food and energy, rose 0.5% in May, beating expectations for a 0.1% rise, after a 0.7% decline the previous month. 

Core producer price inflation rose 0.1% last month, in line with expectations, after a 0.1% gain in April. 

The data came one day after better-than-expected U.S. economic reports boosted expectations that the Fed will unwind its asset purchase program later this year. 

The U.S. Department of Labor said on Thursday that the number of people who filed for unemployment assistance in the U.S. last week fell by 12,000 to 334,000, compared to expectations for a decline of 1,000 to 345,000.

Separately, the Commerce Department said U.S. retail sales rose 0.6% in May, led higher by increased automobile purchases, beating forecasts for a 0.4% increase. 

In the euro zone, official data showed that consumer price inflation remained unchanged in May at an annualized rate of 1.4%, in line with expectations. 

Core consumer price inflation in the single currency bloc, excluding food, energy, alcohol and tobacco rose to an annualized rate of 1.2% last month, from 1% the previous month, in line with expectations. 

The euro was steady against the pound with EUR/GBP dipping 0.01%, to hit 0.8505. 

Later in the day, the U.S. was to publish a report on industrial production and preliminary data from the University of Michigan on consumer sentiment.