EUR/USD drifts away from highs despite positive Eurozone data
EUR/USD is trimming gains on Friday, following a seven-day rally and trades at 1.1615 at the time of writing, still on track for a 0.45% weekly appreciation. The fairly positive Eurozone Gross Domestic Product and the upbeat Trade Balance reports have failed to support the Euro, which has lost steam, weighed down by a negative market sentiment.
Eurozone GDP has confirmed that the region's economy grew at a 0.2% pace in the three months to September, while the year-on-year growth has been revised to 1.4% from the previously estimated 1.3% reading. Furthermore, September's Trade Balance data revealed that the region's trade surplus widened to EUR 19.4 billion, from the upwardly revised 1.9 billion in August.
The Dollar has remained on the back foot during most of the week, despite Federal Reserve (Fed) policymakers' hawkish comments. On Thursday, St. Louis Fed President Alberto Mussalem and Cleveland Fed President Beth Hammack were more concerned about the risks of inflation than about the labour market's momentum, while Minneapolis Fed President Neel Kashkari delivered a more neutral message.
Source: Fxstreet
