Germany’s second-quarter GDP fell a disappointing 0.1% quarter-on-quarter (vs. expectations for a 0.1% rise), but better growth in Spain and France helped lift preliminary Eurozone growth data to 0.3%, slightly above forecasts (0.2%), it said. Shaun OsborneChief FX Strategist at Scotiabank.
Turn bullish above 1.0855 for 1.0875/1.0925
“German regional CPI suggests a slight upside risk to preliminary July national CPI data (0.3% MoM, 2.2% YoY consensus) at 8ET, meanwhile. EUR/USD got a small boost from the growth data and could extend gains through the mid-1.08 zone if German inflation turns out a bit higher than anticipated.”
“EUR/USD is showing some signs of stabilization at the 1.08 lows area. EUR losses to the pattern zone were easily rejected yesterday, with the pattern zone reinforced by the collection of moving averages between 1.0795/1.0820 (200-day moving average at 1.0822). Resistance is at 1.0855. Bullish above here for 1.0875/1.0925.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
