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Forex News: Euro Mixed After Eurozone GDP Data

Euro Mixed After Eurozone GDP Data

06/07/2018 - 06:04:00 (RTTNews)

(RTTNews) - The euro came in mixed against its major counterparts in the early European session on Thursday, after a data showed that the euro area economy expanded as initially estimated in the first quarter.

Data from Eurostat showed that gross domestic product grew 0.4 percent sequentially in the first quarter, slower than the 0.7 percent expansion seen a quarter ago. The rate came in line with the flash estimate.

On a yearly basis, GDP growth slowed to 2.5 percent, as estimated, from 2.8 percent a quarter ago.

European shares are mostly higher, with banks leading the surge on expectations of higher interest rates amid speculation the European Central Bank may soon start to wind down its stimulus.

The currency traded mixed against its major counterparts in the Asian session. While it held steady against the pound and the yen, it rose against the greenback and the franc.

The single currency firmed to a new 2-week high of 130.13 against the yen at 3:45 am ET and held steady thereafter. The pair was valued at 129.71 when it closed deals on Wednesday.

Preliminary figures from the Cabinet Office showed that Japan's leading index increased as expected in April.

The leading index, which measures the future economic activity, climbed to 105.6 in April from 104.5 in March.

After advancing to a new 3-week high of 1.1838 against the greenback at 3:50 am ET, the euro moved sideways thereafter. At yesterday's close, the pair was worth 1.1774.

The 19-nation currency eased slightly to 0.8778 against the pound, from a 6-day high of 0.8793 hit at 3:00 am ET. The next possible support for the euro is seen around the 0.86 level.

Data from the Lloyds bank subsidiary Halifax and IHS Markit showed that UK house prices rebounded at a faster than expected pace in May.

House prices grew 1.5 percent month-on-month, reversing a 3.1 percent fall in April. Prices were forecast to rise 1 percent in May.

The euro retreated to 1.1605 against the Swiss franc, from a high of 1.1635 hit at 3:00 am ET. The euro is poised to challenge support around the 1.14 level.

Looking ahead, U.S. weekly jobless claims for the week ended June 2 and consumer credit for April are due in the New York session.

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