Sunday 14 August 2016

EUR/USD is rising on the positive data on GDP growth in the eurozone


On Friday, the euro was higher against the US dollar after the release of eurozone economic growth data in line with expectations, as well as with the report on industrial production, which exceeded forecasts.
During the European morning trade, EUR/USD reached 1.1159, the session high; the pair subsequently consolidated at 1.1150, rising by 0.12%.
The pair was likely to have a support at 1.1066, the low of August 9 and resistance at 1.1194, the high of Thursday.
Eurostat reported, that the eurozone GDP increased by a seasonally adjusted 0.3%, coinciding with the rate of increase in the previous quarter and the consensus forecasts.
In annual basis, GDP growth is by 1.6% in the second quarter, coinciding with the rate of increase of the first three months of the current year and the forecasts.
Eurozone data were published after Germany, the leading economy in the region, surprised the market participants with its performance of economic growth - 0.4% instead of the expected 0.2%.
A separate report showed, that the industrial production in the eurozone rose by 0.6% in June, beating forecasts for increase of 0.5%, after falling by 1.2% the previous month.


No comments:

Post a Comment