EURGBP Euro vs Pound Sterling

The euro showed muted trading in European deals on Friday, after data showed that euro area economic growth rate remained stable in the fourth quarter.

Flash estimate from Eurostat showed that gross domestic product climbed 0.3 percent sequentially, the same rate of growth as seen in the previous quarter.

On a yearly basis, economic growth slowed marginally to 1.5 percent from 1.6 percent in the previous quarter.

Both quarterly and annual growth rates matched economists' expectations.

Meanwhile, separate data showed that Eurozone industrial production dropped unexpectedly in December.

Industrial output fell 1 percent on a monthly basis in December, faster than the revised 0.5 percent drop seen in November.

Economists had forecast a 0.3 percent rise after falling by initially estimated 0.7 percent in November.

European markets are trading in a positive territory, buoyed by a rebound in oil, amid reports that OPEC might coordinate to cut oil output.

The euro showed mixed performance in Asian deals. While the currency fell against the yen and the greenback, it held steady against the franc and the pound.

In European deals, the euro held steady against the greenback, after having declined to a 2-day low of 1.1265 at 3:15 am ET. At yesterday's close, the pair was valued at 1.1322.

The single currency remained range bound against its Swiss counterpart, with the pair trading in the 1.1022 - 1.1000 level. The euro-franc pair was valued at 1.1008 when it finished yesterday's trading.

The 19-nation currency fell to a 2-day low of 0.7745 against the pound, compared to 0.7821 hit late New York Thursday. On the downside, 0.76 is possibly seen as the euro's next downside target level.

Figures from the Office for National Statistics showed that British construction output grew at a slower-than-expected pace in December, after falling in the previous month.

Construction output rose 1.5 percent month-over-month in December, reversing a 1.1 percent drop in November. The expected rate of increase was 2.0 percent.

The euro eased back to 126.37 against the Japanese yen at 1:55 am ET, and has been steady since then. The pair ended Thursday's trading at 127.28.

Looking ahead, U.S. import and export price indices and retail sales data for January, U.S. business inventories for December and U.S. University of Michigan's final consumer sentiment index for February are due to be released in the New York session.

At 10:00 am ET, Federal Reserve Bank of New York President William Dudley will participate in a panel discussion about the Household Debt and Credit Report at the Federal Reserve of New York.

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