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After hitting multi-month lows versus the resurgent yen and dollar, the euro steadied on Friday despite lingering concerns about the global economy.
The euro has fallen hard over the past few weeks, beset by debt problems in Greece and other EU member nations.
Discouraging jobs and growth data out of the euro area has cemented expectations that central bankers in Brussels will need to act further to jump start the 16-nation economy.
However, with stocks attempting to stabilize and no major economic figures to fuel risk aversion on Friday, the higher-yielding euro enjoyed a breather.
The euro dropped to an 8-month low of 126.52 versus the yen overnight, but crept higher to 127.61 by mid-day in New York.
Against the dollar, the euro improved to 1.4175 after touching a 5-month low of 1.4029. Its been a brutal stretch for the euro against the dollar of late, losing more than a dime since hitting a long-term high back in November.
Eurozone industrial new orders rose 1.6% year-on-year in November after a revised decrease of 1.9% in October, Eurostat said Friday. Economists had forecast 0.5% rise.
U.K. retail sales recorded a slower than expected growth in December as price increases hurt sales during the festive season, official data showed Friday. Retail sales grew only 0.3% in December from November, the Office for National Statistics said in a report.
Markets continued to react to President Barack Obama's call for new restrictions on financial institutions aimed at preventing future financial crises.
Obama said the new rules would close loopholes that allowed firms to trade in risky products without oversight, strengthen capital and liquidity requirements to make the system more stable and ensure that the failure of any single institution will not pose a risk to the financial system as a whole.
Meanwhile, Federal Reserve Chair Ben Bernanke is reportedly facing a more difficult road to reappointment than expected.
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