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EUR/USD Falls as US Economy Grows in Q2

Last week the EUR/USD pairing opened at 1.2828 on Monday and reached a high of 1.2901 on Tuesday but it then fell throughout the rest of the week to close at 1.2684 on Friday.

The pair dropped after data from the US showed that the economy grew in the second quarter. Data from the Commerce Department said that GDP expanded at an annual rate of 4.6% in the second quarter. Furthermore, on Thursday the Dallas Federal Reserve President, Richard Fisher, said that the US Central Bank may start raising interest rates in the spring of 2015.

The Euro has come under pressure after the ECB President, Mario Draghi, said that the bank will act with more policy measures to aid inflation in the euro zone. As a result this pair is likely to continue on a downwards trend for the time being.

 

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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