By Mark Potter
London, May 25 (BridgeNews) - The euro failed to fulfil its early promise in Europe on Friday as it succumbed to heavy selling against sterling attributed to the executive of a cross-border corporate acquisition. The currency's downside remained limited, however, by fears the European Central Bank (ECB) and possibly other central banks might intervene to reverse its recent slide.
* * * A string of disappointing U.S. economic data may also have helped underpin the euro. U.S. first quarter growth was revised down to an annualized rate of 1.3% on the quarter from the originally reported 2.0%, while the Michigan index of U.S. consumer sentiment for May came in at 92.0, from 92.6 in early May.
There had been a rumor the index might surge to 100 shortly before its release.
U.S. durable goods orders for April, meantime, dropped a larger-than-expected 5.0% on the month and U.S. existing home sales for the same month slipped 4.2%.
At 1405 GMT, the euro was bid at 0.8575 U.S. dollars from 0.8605 at the European open, at 0.6040 sterling from 0.6090, at 103.30 yen from 103.55, and at 1.5265 Swiss francs from 1.5255.
The U.S. dollar was bid at 120.45 yen from 120.40, at 1.7800 Swiss francs from 1.7730 and at 1.5420 Canadian dollars from 1.5430, while sterling was bid at 1.4195 U.S. dollars from 1.4115, the Australian dollar at 0.5190 U.S.dollars from 0.5210 and the New Zealand dollar at 0.4240 U.S. dollars from 0.4245.