The U.S. dollar rose against its key counterparts in the European session on Friday, even as a data showed that the U.S. economic growth slowed more than anticipated in the first three months of 2017.

Data from the Commerce Department showed that the gross domestic product increased by 0.7 percent in the first quarter after jumping by 2.1 percent in the fourth quarter. Economists had expected GDP to climb by 1.2 percent.

Traders digested comments from President Donald Trump, who warned of a major conflict with North Korea over its nuclear and missile programs.

"There is a chance that we could end up having a major, major conflict with North Korea. Absolutely," Trump said in an interview with Reuters on Thursday.

Market participants await the University of Michigan's revised report on consumer sentiment in April, due at 10:00 am ET. The consumer sentiment index is expected to be unrevised at the preliminary reading of 98.0.

The greenback held steady against its most major rivals in the Asian session, as U.S. President Donald Trump's threat of a major rift between the U.S. and North Korea kept sentiment subdued.

Following a 2-day decline to 1.0947 against the euro at 5:15 am ET, the greenback bounced off to 1.0908 after the data. At Thursday's close, the pair was worth 1.0870. The greenback is likely to locate resistance around the 1.075 region.

Flash data from Eurostat showed that inflation rose to 1.9 percent in April from 1.5 percent in March. Economists had forecast the annual rate to rise to 1.8 percent.

The headline inflation rate remained within the European Central Bank's target of 'below, but close to 2 percent'.

The greenback recovered to 0.9926 against the Swiss franc, from more than a 4-week low of 0.9894 hit at 5:15 am ET. The pair was valued at 0.9923 when it finished Thursday's deals. On the upside, 1.01 is possibly seen as the next resistance for the greenback.

Survey results from the KOF Swiss Economic Institute showed that a measure signaling future turning points in the Swiss economy declined unexpectedly in April to a three-month low, yet the reading remained above average, suggesting sustained momentum in the economy.

The KOF leading indicator dropped to 106 from 107.2 in March, which was revised from 107.6. Economists had forecast a score of 107.5.

The greenback firmed to a 2-day high of 111.72 against the Japanese yen, coming off from an early low of 111.07. Continuation of the greenback's uptrend may see it challenging resistance around the 115.00 area.

Data from the Ministry of Land, Infrastructure, Transport and Tourism showed that Japan's housing starts grew marginally in March.

Housing starts grew only 0.2 percent year-on-year in March, but reversed a 2.6 percent fall in February. Economists had forecast housing starts to drop again by 2.6 percent in March.

The greenback rose back to 1.2903 against the pound, after having fallen to a 7-month low of 1.2957 early in the European session. The next possible resistance for the greenback is seen around the 1.26 mark.

Preliminary estimate from the Office for National Statistics showed that the U.K. economy expanded at the slowest pace in a year at the start of 2017.

Gross domestic product grew only 0.3 percent in the first quarter from prior three months. This was the slowest rate of growth since the first quarter of 2016.

The greenback bounced off to 0.6855 against the kiwi and 0.7457 against the aussie, from its early lows of 0.6890 and 0.7485, respectively. If the greenback extends rise, it may find resistance around 0.67 against the kiwi and 0.72 against the aussie.

On the flip side, the greenback reversed from an early high of 1.3666 against the loonie and showed choppy trading in the rest of trading session.

The University of Michigan's final consumer sentiment for April is set for release shortly.

At 1:15 pm ET, the Federal Reserve Governor Lael Brainard speaks about Fintech at Northwestern University's Fintech conference, in Illinois.

The Philadelphia Fed President Patrick Harker delivers a speech titled "How STEM Can Get You Anywhere," in Washington DC at 2:30 pm ET.

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