The euro rose further against the other major currencies in the European session on Friday, as sentiment improved following the release of the German GDP report, which showed that government spending and consumption rose in the first quarter, increasing confidence in the economy.

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.

Private spending rose 0.6 percent after increasing 0.7 percent and the growth in government spending improved to 0.7 percent from 0.3 percent.

Meanwhile, the quarterly growth in exports slowed to 0.8 percent from 1 percent and imports climbed 1.5 percent, slower than the 1.9 percent rise a quarter ago.

In other economic news, data from the same agency showed that the total value of new orders received by the German construction industry declined in March. Orders in the construction sector fell a seasonally and working-day-adjusted 2.2 percent month-over-month in March.

In the first quarter of this year, total new orders climbed 1.6 percent compared with the corresponding period of the previous year.

Thursday, the euro showed mixed trading against its major rivals. While the euro rose against the U.S. dollar and the Yen, it fell against the Pound and the Swiss franc.

In early European session today, the euro rose to a 2-day high of 1.0426 against the Swiss franc, from yesterday's closing value of 1.0408. it may test resistance near the 1.06 region.

Moving away from an early near 2-1/2-month low of 0.7089 against the pound, the euro advanced to 0.7116. The euro is likely to find resistance around the 0.74 area.

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. If the euro extends its uptrend, it is likely to find resistance around 138.00 against the yen, 1.14 against the greenback and 1.42 against the loonie.

Against the Australia dollar, the euro edged up to 1.4088 from yesterday's closing quote of 1.4066. On the upside, the euro may test resistance near the 1.45 region.

The euro climbed to 1.5115 against the NZ dollar, from an early 8-day low of 1.5041. Continuation of the upward move may lead the euro to a resistance around the 1.55 mark.

Looking ahead, U.K. public sector finance data for April is due to be released, shortly.

At 5:45 am ET, Bank of England Deputy Governor Nemat Shafik is expected to speak at the Association of Corporate Treasures conference in Manchester.

In the New York session, inflation reports from U.S. and Canada for April and Canada retail sales data for March are slated for release.

At 9:30 am ET, European Central Bank President Mario Draghi, Bank of England Governor Mark Carney and Bank of Japan Governor Haruhiko Kuroda will participate in a panel discussion at the ECB Forum on Central Banking titled "Inflation and Unemployment in Europe," in Portugal.

At 1:00 pm ET, Federal Reserve Chair Janet Yellen will speak about the U.S. economic outlook at the Greater Providence Chamber of Commerce Economic Outlook in Rhode Island.

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