The EUR/USD pair recovers some lost ground around 1.1080, snapping the two-day losing streak on Friday during the early Asian session.
EUR/USD trades stronger near 1.1080 in Friday’s early Asian session. US GDP expanded more than expected in Q2. Cooling inflation from Germany and Spain supports the case for an ECB rate cut in September. However, the upside might be limited as traders might prefer to wait on the sidelines ahead of the German July Retail Sales and US July Personal Consumption Expenditure Price Index. The US Gross Domestic Product growth rate rose at an annual rate of 3.
ECB FAQs What is the ECB and how does it influence the Euro? The European Central Bank in Frankfurt, Germany, is the reserve bank for the Eurozone. The ECB sets interest rates and manages monetary policy for the region. The ECB primary mandate is to maintain price stability, which means keeping inflation at around 2%. Its primary tool for achieving this is by raising or lowering interest rates. Relatively high interest rates will usually result in a stronger Euro and vice versa.
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