The common currency was down 0.3% on the day on Wednesday. The revised GDP estimates for the first quarter came out at 0.4%. This was an unchanged print from the preliminary release. The quarterly employment change showed a 0.3% increase, beating estimates of 0.2%. Various regional indicators showed that growth was relatively stable. German GDP rose 0.4% while French GDP was up 0.3%.
EURUSD Consolidates Near the Trend Line
EURUSD currency pair was retracing the gains from the day before. Price briefly recovered to test the breached minor trend line. Overall, the currency pair remains trading within 1.1250 and 1.1140 levels. We expect this range to continue in the near term. There is scope for the common currency to potentially dip lower in the near term.
