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EUR/USD consolidating gains above 1.3380 zone

FXstreet.com (Chicago) – EUR/USD accumulates 0.44% weekly gains, 0.23% pocketed today. The bulls pressed the pair higher after the release of European and US data earlier today. After reaching 1.341 highs, 2-month peaks, the pair retraced to find grounds around 1.3380 zone.

Signs of economic recovery?

GDP data in Germany matched expectations at 0.7% (QoQ) for the second quarter of the year. The consumer confidence index was -15.6 vs. expected -16.5, triggering heavy buying among market participants. On the other hand, housing market data in the US failed to meet estimates as new home sales dropped to 0.394M vs. expectations at …read more