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Forex News: Euro Falls Despite Strong Eurozone GDP Data

Euro Falls Despite Strong Eurozone GDP Data

08/01/2017 - 06:36:00 (RTTNews)

(RTTNews) - The euro weakened against most major currencies in the European session on Tuesday, despite the release of better-than-expected Eurozone GDP data in the second quarter.

Data from Eurostat showed that the Eurozone economy expanded at a faster pace in the second quarter. GDP grew 0.6 percent sequentially, as expected, faster than the 0.5 percent increase seen in the first quarter. On a yearly basis, growth accelerated to 2.1 percent from 1.9 percent a quarter ago.

Separately, data from IHS Markit showed that Eurozone manufacturing activity expanded at a slower than expected pace in July. The manufacturing Purchasing Managers' Index fell to 56.6 in July from 74-month high of 57.4 in June. The flash score was 56.8.

The German manufacturing PMI dropped to 58.1 from 59.6 in June, signaling the weakest expansion since February.

Data from the Federal Labor Agency showed that Germany's jobless claims declined more than expected in July. The number of unemployed decreased by 9,000 in July from June compared to the expected fall of 5,000.

The jobless rate remained unchanged at 5.7 percent, in line with expectations. The figure was the lowest since the reunification in 1990.

In the Asian trading today, the euro held steady against its major rivals.

In the European trading, the euro fell to a 5-day low of 0.8924 against the pound, from an early high of 0.8963. The euro may test support near the 0.87 region.

Data from IHS Markit and Chartered Institute of Procurement & Supply showed that the Markit/CIPS Purchasing Managers' Index for the manufacturing sector rose to 55.1 in July from 54.2 in June. Economists had expected the index to climb to 54.5.

Against the U.S. dollar and the Swiss franc, the euro dropped to 1.1807 and 1.1392 from early highs of 1.1844 and 1.1451, respectively. The euro is likely to find support near 1.15 against the greenback and 1.12 against the franc.

Meanwhile, the euro rose to 130.51 against the yen, from an early low of 130.15. The euro is likely to find resistance around the 132.00 region.

Looking ahead, Markit's U.S. and Canada PMI reports for July, U.S. personal income and spending data for June, U.S. ISM manufacturing PMI for July and U.S. construction spending for June are slated for release in the New York session.

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