Forex - EUR/USD edges higher, but gains limited

The euro edged higher against the U.S. dollar on Friday, but remained under pressure as comments by Federal Reserve Chairman Ben Bernanke continued to support demand for the greenback. 

EUR/USD hit 1.3254 during late Asian trade, the session high; the pair subsequently consolidated at 1.3245, adding 0.19%. 

The pair was likely to find support at 1.3161, Thursday's low and resistance at 1.3300, Thursday's high. 

The dollar remained supported after Fed Chairman Ben Bernanke on Wednesday said the bank could begin slowing asset purchases by the end of 2013 and wind them down completely by the middle of 2014 if the economy picks up as the central bank expects. 

However, a string of mixed U.S. economic reports on Thursday fuelled uncertainty over the strength of the country's economic recovery. 

The Federal Reserve Bank of Philadelphia said that its manufacturing index rose to 12.5 in June from minus 5.2 in May, outstripping expectations for a reading of minus 2.0 and rising at the fastest pace since April 2011. 

The data came after the Department of Labor said the number of individuals filing for initial jobless benefits last week rose by 18,000 to a seasonally adjusted 354,000, a three-week high, compared to expectations for an increase of 4,000 to 340,000. 

The euro was also higher against the pound with EUR/GBP edging up 0.10%, to hit 0.8532. 

Trading volumes were expected to remain light, as no U.S. data was scheduled to be released throughout the day.