Overall, Thursday has been a quiet day for the forex market, as market participants are preparing for the summer holidays. The best-performed currency was the Canadian dollar which shored up by positive data and oil prices.
Eurozone Unchanged Despite Upbeat ECB
Euro has been merely changed against the majors, yesterday, despite the positive data released. The European Central sounded optimistic in the Economic Bulletin. They mentioned that economy “has expanded for four consecutive years and growth has become increasingly resilient as it has broadened across sectors and countries” and that “overall, incoming data point to solid growth in the second quarter of 2017”. For the inflation rate, they also outlined that it will probably fluctuate around the current levels, while it will rise gradually over the medium term, as it showed convincing sings of pick up. Moreover, Eurozone’s consumer confidence rose for the fourth month in a row to its highest reading since April 2001, more than 16-years high. The indicator picked up to -1.3 above expectations of -3.0.
Read the full financial markets daily report on JFD Research.