Forex - EUR/USD off lows after US GDP revision

Investing.com - The euro pulled back from lows against the dollar on Wednesday after revised data showed that the U.S. economy grew less than expected in the first quarter.EUR/USD pulled back from session lows of 1.3012, the pair's lowest since June 3, to hit 1.3038 during U.S. morning trade, still down 0.32% for the day.The pair is likely to find support at 1.2954, the low of June 3 and resistance at 1.3086, the session high.The Commerce Department said U.S. gross domestic product expanded at an annual rate of 1.8% in the three months to March, down from a previously reported 2.4% expansion. Economists had expected the rate of growth to remain unchanged at 2.4%.The report said consumer spending was revised down from 3.4% to 2.6%.The data dampened expectations that the Federal Reserve could begin to unwind its asset purchase program later this year.Last week Fed Chairman Ben Bernanke said the bank could begin tapering its bond buying program by the end 2013 if the economy continued to pick up as the central bank expected.Elsewhere, the single currency edged lower against the pound, with EUR/GBP dipping 0.09% to 0.8474 and was weaker against the yen, with EUR/JPY down 0.63% to 127.12.The euro remained under pressure after European Central Bank President Mario Draghi said monetary policy will remain accommodative for the foreseeable future.Speaking in the French parliament, Draghi said the ECB's exit from loose monetary policy 'remains distant', but added that the bank expects a "gradual recovery" by the end of this year.Draghi also urged euro zone political leaders to implement economic reforms in order to spur growth.
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