{"id":61339,"date":"2019-10-30T10:06:13","date_gmt":"2019-10-30T14:06:13","guid":{"rendered":"https:\/\/currencylive.com\/?p=61339"},"modified":"2019-10-30T10:06:13","modified_gmt":"2019-10-30T14:06:13","slug":"101359-eur-usd-dollar-soars-as-us-gdp-beats-forecasts","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/101359-eur-usd-dollar-soars-as-us-gdp-beats-forecasts\/","title":{"rendered":"EUR\/USD: Dollar Soars As US GDP Beats Forecasts"},"content":{"rendered":"

The euro trended higher versus the dollar in early trade, reaching a high of US$1.1127. Stronger than forecast US GDP data then boosted the dollar, sending the euro US dollar exchange rate southwards. The pair is currently testing the key US$1.11 level.<\/p>\n

The euro advanced early in the session despite mixed data from the eurozone. Supporting the euro, the French GDP came in ahead of analyst\u2019s expectations at 0.3% quarter on quarter, slightly above the 0.2% forecast and in line with the previous quarter. On an annualised basis the French economy expanded by 1.3%.<\/p>\n

Also offering support to the euro was better than expected German inflation figures. Inflation crept up 0.1% month on month in October, marginally ahead of the zero-increase forecast.<\/p>\n

That\u2019s where the good news ends. Eurozone consumer confidence figures are the latest in a long line of gloomy reports. Economic sentiment was at the lowest level since February 2015 as confidence in the industrial sector declined to the lowest level in over 6 years. The fact that sentiment for the dominant services sector was also down at the lowest level since 2015 is also a concern.<\/p>\n

The data suggests that the European Central Bank may be forced to ease monetary policy further in order to help shore up the economies.<\/p>\n

Fed Decision Up Next<\/strong><\/h3>\n

After a weak start on Wednesday, the dollar is soaring thanks to a better than expected GDP reading. Data showed that the US economy grew at 1.9%. This was slightly slower than the 2% growth experienced in the second quarter. However, it was ahead of the 1.6% analysts had predicted. The better than forecast growth was the result of strong consumer spending, as well as government spending.<\/p>\n

The data calmed fears that the US economy was slowing and also quelled concerns that the slump in US manufacturing sector was spilling over into the consumer sector.<\/p>\n

Investors will now look ahead to the Federal Reserve interest rate decision. The Fed are broadly expected to cut interest rates by 0.25%. Investors will watch carefully to see whether the Fed are intending to continue the cutting cycle. Given the strong GDP data, this seems unlikely, potentially the dollar.<\/p>\n

 <\/p>\n\n\n\n\n
What do these figures mean?<\/strong><\/td>\n<\/tr>\n
When measuring the value of a pair of currencies, one set equals 1 unit and the other shows the current equivalent. As the market moves, the amount will vary from minute to minute.<\/p>\n

For example, it could be written:<\/p>\n

1 EUR = 1.12829 USD<\/em><\/p>\n

Here, \u20ac1 is equivalent to approximately $1.13. This specifically measures the euro\u2019s worth against the dollar. If the U.S. dollar amount increases in this pairing, it\u2019s positive for the euro.<\/p>\n

Or, if you were looking at it the other way around:<\/p>\n

1 USD = 0.88789 EUR<\/em><\/p>\n

In this example, $1 is equivalent to approximately \u20ac0.89. This measures the U.S. dollar\u2019s worth versus the euro. If the euro number gets larger, it\u2019s good news for the dollar.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

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 <\/p>\n","protected":false},"excerpt":{"rendered":"

The euro trended higher versus the dollar in early trade, reaching a high of US$1.1127. Stronger than forecast US GDP data then boosted the dollar, sending the euro US dollar exchange rate southwards. The pair is currently testing the key US$1.11 level. The euro advanced early in the session despite mixed data from the eurozone. […]<\/p>\n","protected":false},"author":163946597,"featured_media":4453,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1380,1381],"tags":[1435,1395,1393,1408,1438,1409,1424,1457,1397,1398],"class_list":{"0":"post-61339","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-eur","8":"category-usd","9":"tag-consumer-confidence","10":"tag-eur","11":"tag-euro","12":"tag-fed","13":"tag-federal-reserve","14":"tag-gdp","15":"tag-german-recession","16":"tag-manufacturing","17":"tag-us-dollar","18":"tag-usd"},"acf":[],"yoast_head":"\nEUR\/USD: Dollar Soars As US GDP Beats Forecasts - Currency Live<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/currencylive.com\/news\/101359-eur-usd-dollar-soars-as-us-gdp-beats-forecasts\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Fiona Cincotta\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101359-eur-usd-dollar-soars-as-us-gdp-beats-forecasts\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101359-eur-usd-dollar-soars-as-us-gdp-beats-forecasts\\\/\"},\"author\":{\"name\":\"Fiona Cincotta\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/8ef0fafb6c93f1204150bb907b42cfec\"},\"headline\":\"EUR\\\/USD: Dollar Soars As US GDP Beats Forecasts\",\"datePublished\":\"2019-10-30T14:06:13+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101359-eur-usd-dollar-soars-as-us-gdp-beats-forecasts\\\/\"},\"wordCount\":718,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101359-eur-usd-dollar-soars-as-us-gdp-beats-forecasts\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/100414-gbp-usd-uk-us-gdp-data-release.jpg\",\"keywords\":[\"consumer confidence\",\"eur\",\"euro\",\"fed\",\"federal reserve\",\"gdp\",\"german recession\",\"manufacturing\",\"us dollar\",\"usd\"],\"articleSection\":[\"EUR\",\"USD\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2019\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101359-eur-usd-dollar-soars-as-us-gdp-beats-forecasts\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101359-eur-usd-dollar-soars-as-us-gdp-beats-forecasts\\\/\",\"name\":\"EUR\\\/USD: Dollar Soars As US GDP Beats Forecasts - 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