Euro-zone Q2 GDP Confirmed At 0.6% Q/Q, Up To 2.2% Y/Y
While quarter over quarter GDP remains unchanged at 0.6% according to the updated numbers, the year over year figure is revised up to 2.2% y/y.
EUR/USD is marginally higher, trading around 10 pips higher, and well within the recent trading ranges.
Here is the euro/dollar chart:
The euro-zone was expected to confirm the GDP read for Q2 2017 at 0.6% q/q. The second read of growth came against the background of the figures released by Germany. The largest economy in the continent reported a growth rate of 0.6% against 0.7% expected but did revise up the numbers for Q1. Year over year, it was forecast to remain at 2.1%.
EUR/USD was trading at around 1.1730. The world’s most popular pair was hit by the good US retail sales numbers, but the euro managed to claw its way back up. Ahead of the publication, the pair dropped back down.
Italy reported a growth rate of 0.4% q/q, exactly as expected. More importantly, there were reports that Draghi will not say anything meaningful in Jackson Hole. That temporarily hurt the euro.
Support awaits at 1.1710 and 1.1620. Resistance is at 1.1790 and 1.1870.
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