EUR/USD: US PPI
The Greenback weakened against the European Single Currency, following the US PPI data release. The EUR/USD currency pair gained 4 pips, or 0.04%, to continue fluctuating in the 1.1595 area.
The Bureau of Labor Statistics released Producer Price Index that came lower-than-expected of 0.00% with the forecasted number of 0.20%.
Janis Macukans, senior analyst at Dukascopy, commented: " Nothing much was expected from the PPI. Although, even for a minor release it was rather disappointing."
GBP/USD: UK GDP and other sets
The Greenback strenghened against the British Pound , following the UK GDP and other data set release. The GBP/USD currency pair lost 10 pips, or 0.08%. After the significant drop of the main pair, it started to recover itself, but few minutes later, the main pair has dropped even more to continuing flactuaction in the same area.
Office for National Statistics released Gross Domestic Product data that came lower-than-expected of 0.1% with the forecasted 0.2%. This data set is relatively new, because of that, there is no historical data for it. Although, the UK GDP data release was strong enough to cancel out the positive effect of more than one other data releases. Namely, Manufacturing Production, Preliminary GDP and others.
Rob Kent-Smith, ONS head of national accounts says "The economy picked up a little in the second quarter with both retail sales and construction helped by the good weather and rebounding from the effects of the snow earlier in the year. However, manufacturing continued to fall back from its high point at the end of last year and underlying growth remained modest by historical standards."
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