Euro Stays Steady Supported by Eurozone GDP Data
The European major currencies remain stable, thanks to strong economic data. The US dollar remains under pressure from political events in Washington. Gold continues to grow on the weakness of the dollar and remains above the level of 1270.
The US economic data showed that personal incomes rose by 0.0% in June, below expectations of 0.4%. Personal spending increased by 0.1%, which is in line with the forecast. Headline PCE slowed to 1.4% yoy but beat expectation of 1.3% yoy. Core PCE was unchanged at 1.5% yoy, above expectation of 1.4% yoy.
The UK PMI manufacturing increased to 55.1 in July, above expectations of 54.5. Eurozone GDP growth accelerated to 0.6% quarter-on-quarter in the second quarter.