Euro plumbs six-week trough against dollar

Euro fell against the dollar away from December 17, 2017 highs for the sixth session out of nine, plumbing January 18 lows, following earlier data from the euro zone and the US, the world's largest economy. 

As of 04:49 GMT, EUR/USD fell 0.13% to 1.2217 from the opening of 1.2233, with a six-week trough at 1.2188, and a session-high at 1.2242. 

Earlier German data showed the GFK consumer sentiment survey down to 10.8 from 11 in December, matching expectations, while French consumer spending fell to 1.9%, adding to the 1.2% drop in December, while analysts expected a 0.5% rise. 

The preliminary reading of French GDP growth in the fourth quarter steadied at 0.6%, same as the third quarter, while accelerating to 2.5% on a yearly basis, up from 2.4%. 

French consumer prices fell 0.1% in February, missing expectations of a 0.3% rise, while German unemployment change fell 22 thousand in February, adding to the 25K drop in January, while analysts expected a 17K decline. 

Finally, consumer prices for the whole euro zone slowed down to 1.2% from 1.3%, while core prices settled at 1% as expected, as Italy's consume prices slowed down as well to 0.1% from 0.3%. 

EU chief Brexit negotiator Michel Barnier said in earlier remarks that Britain has been excluded from the European open market during the transition period, asserting nonetheless that all EU laws should apply to Britain until official exit, while calling for a quick deal to specify the borderlines with Ireland. 

Otherwise, earlier disappointing US data showed GDP growth slowed down to 2.5% in the fourth quarter of 2017, matching expectations and down from the preliminary reading's 2.6% growth, and the third quarter's 3.2% growth rate. 

GDP prices slowed down as well to 2.3% in the second reading, missing expectations of 2.4%, while Chicago PMI slowed down to 61.9 in February from 65.7 in January, missing expectations of 64.2. 

Pending home sales fell 4.7% m/m in January, compared to no-change in December, revised from a 0.5% rise, while analysts expected a 0.4% rise. 

Federal Reserve Chair Jerome Powell testified on the Semiannual Monetary Policy Report before the House Financial Services Committee, in Washington DC, on Tuesday, while on Thursday, Powell will testify before the Senate Banking Committee, thus completing the second half of his Congress testimony.