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Euro rises against dollar near 1.1460 as Europe growth beats forecasts

Eurozone GDP grew 0.4% QoQ in the second quarter, while US GDP rose at only a 1.5% annualized pace and underlying PCE inflation eased to 3.3% year over year.

Reported · Written up by our desk · Major Pairs

EUR/USD was higher near 1.1460 on Thursday, supported by data showing stronger Eurozone growth and softer US growth readings that weighed on the US dollar, according to FXStreet. FXStreet cited Eurozone GDP growth of 0.4% QoQ in the second quarter, beating the 0.2% forecast and recovering from the prior quarter’s 0.2% contraction. On an annual basis, GDP rose 1.0%, above the 0.5% market forecast and versus the prior 0.3% expansion. The outlet also highlighted that Germany’s economy expanded 0.2% QoQ, above expectations, while France returned to growth with a 0.2% QoQ increase, Italy grew 0.2% QoQ, and Spain outperformed with 0.7% QoQ. In the US, preliminary second-quarter GDP rose at a 1.5% annualized rate, below the 2.1% forecast. FXStreet added that the US Core PCE Price Index increased 0.1% month over month in June, below the 0.2% expectation, with annual underlying inflation easing to 3.3% from 3.4%. The article further noted near-term technical factors, including EUR/USD holding above key 20- and 100-period moving averages and facing resistance around 1.1536.

Latest closeEUR/USD 1.147 ▲0.9%

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