EUR/USD (current price: 1.0640)
German Import Prices, French Consumer Spending, and the Spanish CPI all beat the consensus estimate yesterday, while the German CPI came in as expected. The bullish reports pushed the common currency higher after a negative start for the day. Later on, the U.S. prelim GDP print came in at 3.2%, above the consensus estimate of 3.0%, as the economy continues its modest growth. The CB Consumer Confidence Index also beat analyst estimates after the election, with a blowout reading of 107.1. The pair still finished the day on a bullish tone, despite the favorable U.S. releases.
Our assessment: The cross remains in a strong short-term downtrend. The positive U.S. economic numbers could push the Euro even lower in the coming weeks.
