The US dollar rose against the euro on Friday, shaking off a brief dip after Egyptian President Hosni Mubarak stepped down as investors have widely priced in his exit and technical factors weighed on the single currency. The euro, which hit a three-week low against the dollar on Friday, has tried to break the $1.35 level twice before and failed, shifting momentum to the downside.
In addition, the recent spate of US economic data has been supportive of the greenback and most strategists are looking for more outperformance on the dollar. In midday New York trading, the euro fell 0.4 percent to trade at $1.3540, after earlier hitting $1.3502 - its lowest since January 21. Key support for the euro lies at $1.3500, a point that traders cited as an options barrier, with reports of strong bids ahead of that level.
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