Euro has maintained its strength after the euro zone’s GDP matches expectations, indicating region’s recovery maintains a sound pace and potentially to accelerate further, while dollar index just broke the level of 98, Fullerton Markets analysis shows.
- GDP rose by 0.5% in the Euro-Zone the first quarter of 2017, same as previous quarter and in line with forecasts.
- Dollar is slipping back against other major currencies as weaker U.S. data overnight trims rate-hike expectations, also news that President Trump revealed highly classified information about so-called Islamic State to Russia's foreign minister weighs on the greenback.
- Final April CPI reading is expected at 1.9%. If outcome meets expectations, it will be positive to the EUR/USD while recent China and U.S. inflation show signs of slowing down; data due at 5pm today, Singapore time.
- Chart shows that EUR/USD may rise towards Fibo 61.8% level (high, low last year), which is around 1.1125.
Fullerton Markets Research Team
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