The Euro lost against the US Dollar 14 base points, following the Wednesday's report showing the second estimate for the US economic growth. The EUR/USD dropped to the 1.1950 mark and retreated back initially, though the downward trend was sustained to see the pair returning to the last Friday levels by the morning session on Thursday.
The Commerce Department reported that the US economy expanded at a faster-than-expected yearly pace of 3.0% in the Q2. The country's GDP growth marked the strongest reading in more than two years, nearing Donald Trump's target. A rise was led by higher consumer spending and business investment, which could be further translated into a stronger path in the Q3 to dampen possible effects of Hurricane Harvey.
| Historical Data Table: Prelim GDP q/q | |||||
| Date | 12.08.2016 | 15.10.2016 | 14.02.2017 | 12.05.2017 | 15.08.2017 |
| Actual | 1.10% | 3.20% | 1.90% | 1.20% | 3.00% |
| Forecast | 1.10% | 3.00% | 2.10% | 0.90% | 2.70% |
| Initial Reaction on Main Pairs | |||||
| Open Price | Close Price | % Change | |||
| AUD/USD | 0.79375 | 0.79301 | -0.09% | ||
| EUR/USD | 1.19186 | 1.1905 | -0.11% | ||
| USD/JPY | 110.206 | 110.353 | 0.13% | ||
| NZD/USD | 0.72322 | 0.72236 | -0.12% | ||