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Euro continues to firm

The EURUSD currency pair continues to strengthen for the second day in a row. The completion of military exercises in Russia and Belarus, the ratcheting down of geopolitical tensions, a statement by ECB Governing Council member Francois Villeroy de Galhau that there is no longer a need for bond buying under the main asset purchase program (APP), and that the ECB may end APP buying in Q3, lent support to the European currency. Meanwhile, the release of GDP for Europe, where actual GDP growth of 4.6%YoY was in line with market expectations and was the same as in the previous reporting period, improvement in Eurozone economic sentiment to 48.6, which was better than the expected 38.4, also provided support.

By the time of writing, the EURUSD pair was 0.2% on the day, trading near 1.1380.

Today market participants await the release of US macro data, including retail sales and the Retail Sales Control Group. Optimistic expectations for US data, if they are confirmed, or turn out to be better, could halt short-term upside in the single currency.

That said, technically, after a corrective pullback, the currency pair could push for new medium-long term highs and break out of the strong resistance level near 1.1490.

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