US Dollar Stays Weak Despite GDP Growth in Q2
Data on economic growth did not have much support for the dollar. The US dollar remains the second weakest currency in a week. Political uncertainty is also another factor that affects the dollar. The euro continues to grow.
The US GDP grew by 2.6% year-on-year in the second quarter, exceeding expectations by 2.5%. Nevertheless, the GDP price index slowed to 1.0%, lower than expectations of 1.3%.
Economic data from the Eurozone are generally positive. The consumer price index in Germany increased by 0.4% mom and by 1.7% yoy in July. The French GDP grew by 0.5% in the second quarter compared to the previous quarter. Eurozone business climate fell to 1.05 in July. Economic confidence rose to 111.2.