Euro settles higher versus dollar

Euro tilted higher against the dollar in American trade, heading for the second weekly profit in row, following earlier data from the euro zone and the US, the world's largest economy. 

As of 05:33 GMT, EUR/USD rose 0.20% to 1.1793 from the opening of 1.1770, with an intraday high at 1.1822, and a low at 1.1765. 

Earlier, European Central Bank president Mario Draghi delivered a speech titled "Europe into a New Era – How to Seize the Opportunities" at the Frankfurt European Banking Congress, where he pointed to the strong recovery of the euro zone economy, while cautioning the ECB still has work to do, as inflation fails to march towards the 2% target. 

Draghi noted that growth forecasts are in noticeable improvement, but inflation lacks the necessary momentum despite the strong recovery this year. 

Finally, Draghi said it's important to face the challenges besetting financial stability in order to improve economic growth, noting that economic reforms would stimulate growth in the long term and bolster monetary cooperation. 

On another note, earlier euro zone data showed the trade balance with a seasonally-adjusted surplus of 37.8 billion euros, up from 34.5 billion, revised higher from 33.3 billion in August, while analysts expected a 30.2 billion euro surplus. 

Otherwise, earlier US data showed housing starts surged 13.7% in October to 1.290 million units, compared to a 3.2% decline in September to 1.135 million, while analysts expected a 5.6% rise to 1.190 million.

Building permits rose 5.9% to 1.297 million units, compared to a 3.7% drop in September to 1.225 million, beating expectations of a 2.0% rise to 1.250M. 

On Thursday, the House of Representatives passed the tax reform bill by a 227-205 margin, shifting the legislative final struggle to the Senate, amid concerns the upper house could delay the reforms supported by president Donald Trump, which would cut the corporate tax rate to 20% from 35%, until 2019.