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Euro powers ahead against the greenback

The EURUSD pair rose from 1.1845 to 1.1885 on Thursday, July 29. The gains were driven by strong macro data out of Germany and the US. In Germany, the Harmonized Index of Consumer Price in July showed an increase of 3.1% YoY, overshooting the median consensus that called for 2.9%. Stateside, 2Q GDP fell considerably short of the consensus forecast, coming in at 6.5% YoY compared to 8.5% expected.

Today the EURUSD pair started off the trading session by breaking out of the 1.1895 resistance level and retracing to its June 30 high. This growth was supported by strong Eurozone 2Q GDP. The European economy expanded by 13.7% YoY (vs. 13.2% expected) and 2.0% MoM (vs. +1.5%). As a result, the pair reached 1.1905, with a medium-term target of 1.1976.

The next market-moving event for the key pair will be released on Monday, when Germany publishes retail sales for June. Stateside, the ISM Manufacturing PMI for July will be due out. According to the median forecast, the reading will decline slightly to 60.5, a downtick from 60.6 in June.

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