Euro backs off five-week high

Euro fell on Friday ahead of the weekend after setting a five-week high, as the dollar regains its footing against a basket of currencies while traders collect profits. 

EUR/USD last traded at 1.0750, down from the opening of 1.0774, with a session-high at 1.0785, and a low at 1.0730. 

Euro is on track for the third weekly profit in a row after the Federal Reserve increased interest rates by 25 basis points to below 1% as expected, while maintaining previous forecasts for interest rates hikes this year, nudging the dollar down. 

The dollar fell against a basket of rivals to a five-week trough after the bank asserted its current forecasts for the tightening pace, in turn underpinning the euro in the second half of the week before returning lower today on profit-taking. 

On the other hand, concerns subsidized in the euro zone after the current Prime Minister of Netherlands defeated the Far Right anti-Islam, anti-EU candidate in the elections, restoring confidence in the markets.