German Q2 GDP fell a disappointing 0.1% Q/Q (against calls for a 0.1% rise) but better growth in Spain and France helped lift the preliminary Eurozone growth data to 0.3%, a little above forecasts (0.2%), Scotiabank’s Chief FX Strategist Shaun Osborne notes.
To turn bullish above 1.0855 for 1.0875/1.0925
“German regional CPI suggest a slight upside risk to the preliminary July national CPI data (0.3% M/M and 2.2% Y/Y consensus) at 8ET, meanwhile. EUR/USD got a small lift from the growth data and might extend gains through the mid-1.08s if German inflation comes in a little hotter than forecast.”
“EUR/USD is showing some signs of steadying in the low 1.08 area. EUR losses to the figure zone were easily rejected yesterday, with the figure area reinforced by the collection of moving averages between 1.0795/1.0820 (200-day MA at 1.0822). Resistance is 1.0855. Bullish above here for 1.0875/1.0925.”
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