Euro Starts The Week With Slight Growth
Euro shows slight increase against US dollar today. The EUR/USD pair rose by 0.25% to trade at 1.1686. Germany will release Preliminary CPI data for July today. The indicator is expected to grow by 0.4% m/m, reflecting an acceleration compared to June’s 0.1%. Tomorrow, Germany will publish retail sales and the Eurozone will release CPI and GDP reports.
Today’s data showed, that Eurozone economic sentiment indicator eased to 112.1 points in July form 112.3 in June. Eurozone business climate indicator fell to 1.29 in July from 1.38 in June. Eurozone Industrial confidence indicator slipped to 5.8 from 6.9. Services sentiment improved to 15.3 in July from 14.4 in June.
The US released GDP data for Q2 on Friday. Q2 GDP rose at a seasonally and inflation-adjusted annual rate of 4.1%, a pickup from Q1 growth rate of 2.2%. Market expectations were looking for a 4.4% growth rate. Compared to the second quarter a year ago, output grew 2.8%. The report on the gross domestic product could not raise the dollar versus the euro significantly, although it proved to be strong, did not justify the average market forecasts.