By Cornelius Luca
New York, May 25 (BridgeNews) - The euro's rebound to 86.25 cents to the dollar on short covering ahead of the long weekend petered out before the expected downward revision of the U.S. gross domestic product for the first quarter to 1.4% from 2.0%. The market remains relatively short euros, thus enhancing the odds of the single currency to further chip away at this week's losses, which culminated Thursday at a six-month low of 85.80 cents.
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The domestic economic calendar also includes the University of Michigan consumer confidence survey for May.
Dollar/Swiss franc opens virtually unchanged, while sterling/dollar posted solid gains after bottoming out Thursday at a six-month low of 1.4075.
Dollar/Canada fell for the second consecutive day but remains within Wednesday's range. The pair faces support from the 20-day moving average at 1.5399.
Late Thursday, Fed Chairman Alan Greenspan said recent Fed rate cuts should boost the economy later this year but warned there is a still risk of greater-than-expected economic weakness which will require further interest rate cuts.
The dollar looks subject to further intraday weakness versus the European currencies and to gains against the Japanese yen in a session likely to be dominated by position squaring.

Current Previous Change Global Global
NY open NY close low high

USD/JPY 120.53 119.94 0.59 119.83 120.69
EUR/USD 0.8591 0.8566 0.0025 0.8537 0.8628
EUR/JPY 103.60 102.75 0.85 102.40 103.79
GBP/USD 1.4207 1.4082 0.0125 1.4080 1.4215
USD/CHF 1.7770 1.7787 -0.0017 1.7710 1.7865
USD/CAD 1.5420 1.5466 -0.0046 1.5413 1.5468
AUD/USD 0.5201 0.5195 0.0006 0.5185 0.5221
NZD/USD 0.4244 0.4234 0.001 0.4227 0.4253
SP.1 1294.00 -0.50 1291.60 1299.80
ND.1 2015.00 9.00 1996.00 2026.00