The Euro is ceding control to the USD again. Overview for 16.08.2017
The main currency pair is trading to the downside in the middle of the Wednesday trading session despite some good statistics on the Eurozone’s GDP.
The EUR/USD pair is moving downwards in the middle of the week. The current quote for the instrument is 1.1710.
This morning, the Eurozone reported on the second quarter GDP. These are preliminary numbers, but they provide insight into the possible future readings. So, the GBP in the second quarter of 2017 expanded by 0.6% q/q, just as expected. In comparison, in the first quarter, the indicator added 0.5% q/q.
On YoY, the GDP increased by 2.2% after adding 1.9% the quarter before and against the expected reading of 2.1%.
The GDP of the European Union (28 countries) expanded by 0.6% q/q and 2/3% y/y. The final reports for both the Eurozone and the European Union will be published on September 7th.
So, the statistics was pretty good, but the market seemed to be ready for it and the Euro fell. Later in the evening, the USA will publish several interesting reports, such as the Building Permits, the Housing Starts, and the FOMC Meeting Minutes. As a result, the second half of today’s trading session might be much more lively than the first one.
RoboForex Analytical Department
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.