(RTTNews) - In early European trading on Friday, the euro recovered from its late Asian session's losses against most major currencies ahead of speech by Federal Reserve Chairman Ben Bernanke later in the day.
Bernanke will talk about "Monetary Policy Since the Crisis" at an annual informal gathering of central bankers in Jackson Hole, Wyoming.
Markets are looking whether the U.S. Federal Reserve chief will signal any further asset buying in the symposium. However, optimism for more stimulus measures to boost the economy have waned in the light of recent upbeat U.S. economic data.
In economic news, Germany's retail sales decreased from the previous month in July, defying economists' forecast for an increase, data released by the Federal Statistical Office revealed.
Retail sales turnover decreased 0.9 percent month-on-month in July, reversing the previous month's 0.5 percent increase. Economists were looking for a 0.2 percent growth.
The euro bounced back from an early low of 1.2495 against the U.S. dollar and a 3-day low of 98.00 against the yen and is now worth 1.2537 and 98.47, respectively. The euro closed Thursday's deals at 1.2507 against the greenback and 98.35 against the yen.
Industrial output in Japan was down a seasonally adjusted 1.2 percent on month in July, well shy of forecasts for an increase of 1.7 percent following the 0.4 percent gain in June. On a yearly basis, production was down 1.0 percent - again missing expectations for a gain of 1.8 percent after dropping 1.5 percent in the previous month.
While, the unemployment rate in Japan came in at a seasonally adjusted 4.3 percent in July, in line with expectations and unchanged from the previous month. The number of employed persons was 62.77 million, while the number of unemployed was 2.88 million.
Against the pound and the Canadian dollar, the euro ticked up to 0.7933 and 1.2428 from early lows of 0.7919 and 1.2399, respectively. At Thursday's close, the euro was worth 0.7925 against the pound and 1.2416 against the loonie.
U.K. house prices declined at a slower pace in August, Nationwide Building Society said.
House prices dropped 0.7 percent annually, following a 2.6 percent drop in July. Economists had forecast prices to ease 2.2 percent from a year ago.
Looking ahead, Eurozone unemployment rate for July and consumer price index for August are due shortly.
Canada's GDP for the second quarter, U.S. factory order for July, Chicago PMI and the University of Michigan's consumer confidence survey results- both for August are the key economic releases in the North American session.
