The Euro US Dollar (EUR/USD) exchange rate is advancing snapping a two day losing streak.
An unexpected upward revision in the German GDP reading has lifted the Euro. Data showed that the Eurozone’s largest economy shrank by -9.7% in the April- June period; the period worst affected by coronavirus and the lockdown measures. Whilst this is a dreadful number, it is still better than the initial reading.
The US Dollar is out of favour as trades adopt a risk on stance. Improving US coronavirus statistics and US – Sino relations are helping to buoy risk sentiment.
Investors await direction from the latest US consumer confidence figures.