EUR/USD trades on the defensive and challenges 1.2100.
EMU’s flash Q1 GDP came in at -0.6% QoQ, -1.8% YoY.
EMU’s advanced Core CPI rose 0.8% YoY in April.
Sellers gain further momentum and drag EUR/USD to fresh 2-day lows within the sub-1.2100 region at the top of the week.
EUR/USD weaker on data, USD-buying
EUR/USD retreats for the second consecutive session on Friday and returns to levels below 1.2100 the figure after reaching new monthly peaks around 1.2150 on the previous session. The recent climb within the pair has been also helped by the improved traction in yields of the German Bunds.
Higher US yields together with positive leads to US fundamentals lent further legs to the dollar’s recovery from recent multi-week lows and made the pair fade the recent advance well north of the 1.2100 yardsticks.
Data releases in both Germany and therefore the broader euro area didn’t help the only currency either. In fact, preliminary Q1 GDP figures showed the economy in Germany is seen contracting 1.7% QoQ, while the economy within the bloc is additionally expected to shrink -0.6% inter-quarter. Still, in Euroland, headline consumer prices are forecast to possess risen 1.6% on a year to April and 0.8% YoY when involves the core reading, as per advanced inflation figures. Additional data saw the percentage ticking lower to eight .1% during March (from 8.2%).