Euro reaches 6-month peaks before GDP data

Euro reaches 6-month peaks before GDP data

On Tuesday, the common currency grew to 6-month peaks ahead of the issue of euro zone data on first quarter surge, while the American currency was lower versus a currency basket after a shockingly dismal American manufacturing data.

The currency pair EUR/USD tacked on 0.44%, trading at 1.1025, which is the strongest value since November 9.

Demand for the common currency has been backed as market participants shifted their attention back to the outlook for monetary policy because worries as for political risks relived after centrist Emmanuel Macron was elected France's president, leaving far-right nationalist Marine Le Pen behind.

Market participants were considering revised data on euro zone first quarter GDP amid speculation over how soon the ECB could scale back its stimulus program, considering recent signs of strength in the EU’s economy.

Estimating the greenback’s value versus a trade-weighted basket of six key currencies, the US dollar index decreased 0.34%, being worth 98.48, suppressed by the stronger euro.

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