The U.S. dollar strengthened against its key counterparts in the European session on Friday, as investors awaited next week's talks between the United States and China, following media reports that both sides had reached consensus on certain key areas during the meeting held this week.

A statement from the White House said high level U.S.-China trade talks this week led to "progress between the two parties" but noted "much work remains."

The U.S. trade secretary Steven Mnuchin tweeted that the meetings in Beijing were "productive", although he offered no further details.

The White House said the U.S. hopes to see additional progress as discussions at the ministerial and vice-ministerial levels continue in Washington next week.

Data from the Labor Department showed that U.S. import and export prices both fell by much more than anticipated in the month of January.

The report said import prices fell by 0.5 percent in January after tumbling by 1.0 percent in December, while economists had expected import prices to edge down by 0.1 percent.

The export prices also slid by 0.6 percent for the second consecutive month in January. Economists had expected export prices to slip by 0.1 percent.

The greenback held steady against its major counterparts in the Asian session, excepting the yen.

The greenback climbed to 1.1234 against the euro, a level not seen since November 12, 2018. The pair closed Thursday's trading at 1.1294. Next key resistance for the greenback is likely seen around the 1.10 region.

Figures from the statistical office Eurostat showed that Eurozone's merchandise trade surplus came in below economists' expectations for December.

The seasonally adjusted trade surplus fell to EUR 15.6 billion from EUR 15.8 billion in November. Economists had expected a surplus of EU R16.3 billion.

The greenback advanced to 110.65 against the yen, from a 5-day low of 110.26 seen at 10:00 pm ET. On the upside, 113.00 is likely seen as the next resistance level for the greenback.

Having declined to 1.0046 against the franc at 5:00 pm ET, the greenback snapped back and reached as high as 1.0089. The greenback is seen finding resistance around the 1.02 level.

The greenback bounced off to 1.2789 against the pound, from a low of 1.2832 touched at 6:30 am ET. Further uptrend is likely to take the greenback to a resistance around the 1.26 mark.

Data from the Office for National Statistics showed that UK retail sales rebounded strongly at the start of the year, rising at a faster-than-expected pace, led by robust clothing and footwear sales supported by price cuts.

The retail sales including auto fuel rose 1 percent from December, when they decreased 0.7 percent. Economists had expected a 0.2 percent gain.

On the flip side, the greenback held steady against the kiwi, after having declined to a 10-day low of 0.6859 at 7:15 am ET. At yesterday's close, the pair was valued at 0.6837.

The greenback was trading lower at 1.3273 against the loonie and 0.7111 against the aussie, down from its early highs of 1.3313 and 0.7079, respectively. The next possible support for the greenback is seen around 1.30 against the loonie and 0.72 against the aussie.

The University of Michigan's preliminary consumer sentiment index for February is scheduled for release at 10:00 am ET.

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