EUR/USD – Dollar gains after US GDP exceeds forecasts

on Aug 29, 2013
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**iNVEZZ.com, Thursday 29 August:**

Today the European Commission’s economic chief Olli Rehn told journalists that the Troika will assess Greece next month and “then conclude what kind of additional financing needs there are.”
French Business Confidence for August progressed to 98, beating expectations for an identical reading to the prior figure of 95.

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EUR/USD– Uptick of Eurozone Consumer Climate halted Currency Briefing: What makes the euro a safe haven currency?

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German Unemployment Change for August unexpectedly rose 7,000, well above the market consensus for a decline of 5,000 and July’s drop of 7,000. However, the jobless rate remained unchanged at 6.8 percent, as expected.

German Preliminary CPI for August m/m stayed flat, whereas analysts were forecasting a minor deceleration from the prior inflation of 0.5 percent to 0.2 percent. This is the fourth consecutive reading that is short of forecasts for the measure.
In the US, Real GDP for the second quarter q/q rose to growth of 2.5 percent, comfortably surpassing the initial estimate of 1.7 percent and the market consensus for a rise of 2.2 percent. The GDP Price Index increased by 0.8 percent, while the median economists’ forecast was for progress matching the preliminary prognosis of 0.7 percent.

The number of Americans filing new claims for unemployment benefits decreased by 6,000 to a seasonally adjusted 331,000, while expectations were for a marginally more positive reading of 330,000. The 4-week moving average of US Initial Jobless Claims increased slightly by 750 to 331,250, still compared to last month the measure is down roughly 30,000.

The euro has been in a bearish channel throughout today’s trading and could not find support in the German data releases which proved dissapointing. After the stronger-than-expected US economic growth numbers, the currency pair plunged to a 2-week low of 1.3234 and the EUR/USD is currently changing hands around 1.3243, down 0.73 percent intraday.
The German Bundesbank President Jens Weidmann is scheduled to hold a press conference at 17.30 BST and his speech will be about monetary union as stability alliance. Weidmann is a voting member of the ECB Governing Council and the market will scrutinize his arguments, as he is believed to be one of the most influential policymakers in the Eurozone.

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EUR/USD– Uptick of Eurozone Consumer Climate halted Currency Briefing: What makes the euro a safe haven currency?

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http://nvz.bz/17VvWbn

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